I am from Haldia, Medinipur East,West Bengal. We are 3 family members, myself, my wife, my younger sister (all are>72). I'm having a house property (residencial house), my sister and my wife having two open free plot of land in individuals. We have sold these property in individual capacity. Now, to save LTCG out of sale price of individuals, we want to invest jointly to purchase a new house under section 54 (for myself) and 54F (for wife and sister). Wife and sister's full consideration value along with part of my consideration value will be utilised in this buying.
Question is : whether this jointly purchase of a house property will be acceptable and allows by Income tax department under section 54 and 54F for exemption of long term capital gains earned by three members of a family as mentioned above.
A.Hello,
As per the information you have mentioned it is advisable to you to reach out to an advocate or chartered accountant or auditor for better clarity because you need expert advise who are dealing with income tax matters.
A.Dear Sir,
Please go to local advocate or chartered accountant or auditor to get clarification because you need expert advise who are dealing with income tax matters.
Dear Sir,
If there is perpetual restraint from selling the land then the grandson cannot sell without the permission from the Deputy Commissioner. The conditions in the Darkasth to be read.
Dear Sir,
Yes, the mutation will be taken place as jointly in respect of your respective wives. You have to produce certified copies of both the Gift Deeds.
Dear Sir,
Without mutation jointly in the names of legal heirs it cannot be sold. You have to provide all the documents as may be advised by the Advocate of Prospective Purchaser.
Dear Client,
The property of a married female Hindu dying intestate shall devolve according to the rules set out in Section 16 of the Hindu Succession Act, 1956 which include her husband, children, a...
Dear Client,
When your maternal grandfather passed away leaving the property intestate, i.e, without a Will, then on his demise, all the surviving legal heirs are entitled to an equal share in the sai...
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Exemption on LTCG u/s 54 &54F while bought a house property jointly.
Darkast agriculture land sale
