Please Help: query of capital gain
Posted Date : 25-May-2012 , 03:55:37 pm | Posted By: Rohit Gondhiya
Category :
Income Tax | Answers :
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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. |
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Answers:
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 Answer by: CA Satuti Mahajan |
| Yes
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| 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.
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| 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
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| Answer by: Rishabh Upadhyay |
| In case son is major and independent assessee then proportionality benefit will be available.
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| Answer by: Rambabu Senkarasetti |
| Yes
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