To get Capital gain Exemption on joint ownership
10 months ago
This month my mom sold a plot which gave her capital gain of 30 lakhs. I want to save tax on capital gain of mom by sec 54/54f possibly.
So, If I make my mom as joint owner with me on new residential house. Will she get the same tax exemption on capital gain as per sec 54/54f ??
A.Dear Client,
The Income Tax Act, 1961 allows an individual or a HUF to claim exemption on long-term capital gains (LTCG) tax, under Section 54 arising on the sale of a residential property, if the indexed LTCG is invested for purchasing another residential house, one year prior to or two years after the date of sale of the house, or for constructing a residential house within three years from the date of sale of the house.
Reach out to a CA for guidance and steps.
The Income Tax Act, 1961 allows an individual or a HUF to claim exemption on long-term capital gains (LTCG) tax, under Section 54 arising on the sale of a residential property, if the indexed LTCG is invested for purchasing another residential house, one year prior to or two years after the date of sale of the house, or for constructing a residential house within three years from the date of sale of the house.
Reach out to a CA for guidance and steps.
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