srinivas (Manager) (39 Points)
03 February 2011I have a doubt on IT treatment of Capital gains on property sale.
I would like to know the treatment of capital gains under IT act, for the sale of a house if the seller has another house on his/joint name. Can he save tax by investing CG in another peroperty? Else what are the ways in which he can manage the CG.
Request openions from experts.
Thanks in advance.
Pankaj Arora
(Learner)
(3134 Points)
Replied 03 February 2011
If the another house first name in spouse name and second in yours than yes he can invest CG of house u/s54. Or you can show it let out.
srinivas
(Manager)
(39 Points)
Replied 16 February 2011
If both the houses are on the name of same person and he wants to sell one, will the CG benefits by invsting in a new house be utilised?
Thanks in advance
Pankaj Arora
(Learner)
(3134 Points)
Replied 16 February 2011
One house will be self occupied and other will be deemed let out. Suppose this house is joint name with your wife or wife name is first and second owner name is yours. Than you can invest This with amount in buying new house.
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