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 Client,
A property when left by the deceased owner intestate i.e, without any will, is devolved upon the surviving legal heirs in equal share following the law of inheritance/succession. After t...
Dear Client,
The death certificate of a deceased person is a crucial document that is mandatorily required for the issue of a legal heir certificate either by the Municipal Authority or to apply for a...
Dear client,
If the seller of the property is not now in India, he can still execute a POA abroad, but the process is slightly different. His first step is to visit the Indian Embassy or Consulate in...
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.
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Exemption on LTCG u/s 54 &54F while bought a house property jointly.
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