Please Help: query of capital gain
Posted Date : 25-May-2012 , 03:55:37 pm | Posted By Rohit Gondhiya
My query is:
Mr. A and Mrs. A is having one residential house property purchased before 1980. Mr. A is not well and having unconscious mind. Now, Mrs. A wants to sell this property.
As Mr. A is not well, Mrs. A wants to purchase another residential house jointly with his son to claim benefit u/s 54 . Can Mrs. A claim the benefit u/s 54 if she invest the entire capital gain in another house property jointly with his son.
Mr. A and Mrs. A is having one residential house property purchased before 1980. Mr. A is not well and having unconscious mind. Now, Mrs. A wants to sell this property.
As Mr. A is not well, Mrs. A wants to purchase another residential house jointly with his son to claim benefit u/s 54 . Can Mrs. A claim the benefit u/s 54 if she invest the entire capital gain in another house property jointly with his son.
Category : Income Tax | Answers : 5 | Comments : 0 | Hits : 273
Answers
Answer By: CA Satuti Mahajan
Yes
Answer By: CA. SURESH Kr. AGARWAL
As per Income tax act if the a property is purchase jointly then all benefit will be jointly/proportionally.
Hence in this case Mrs. A can't claim full benefit u/s 54.
Hence in this case Mrs. A can't claim full benefit u/s 54.
Answer By: saurabh goyal
as per the provision of section 54 benificiary and the per son who sell the house should be same. I.e if property is sell by 2 different person in joint name and other property is purchase by other 2 persons jointly benifit of sec 54 shall not be given
Answer By: Rishabh Upadhyay
In case son is major and independent assessee then proportionality benefit will be available.
Answer By: Rambabu Senkarasetti
Yes
Comments