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Q. > Please Help: query of capital gain
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.
answered May 25, 2012 by CA Satuti Mahajan , batala
Yes
answered May 26, 2012 by CA. SURESH Kr. AGARWAL , Delhi
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.
answered May 26, 2012 by saurabh goyal , chandigarh
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
answered May 26, 2012 by Rishabh Upadhyay , Chandigarh
In case son is major and independent assessee then proportionality benefit will be available.
answered Jun 30, 2012 by Rambabu Senkarasetti , Guntur
Yes
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