capital gains tax exemption

I have two questions:

1 Can I save capital gains tax by investing Rs 50 lakhs in approved bonds and the balance in a new property?

2 Can the new property be jointly financed and owned by me and my son ?

asked Jul 29 '11 at 17:05 by Pranesh 1111

  1. Income tax acts are silent on whether both section 54/54F and 54EC can be used simultaneously. I would advise you to consult a experience tax professional/property lawyer in this case.
  2. New property can be purchased jointly/financed, but your contribution towards cost only will be considered for capital gain deductions.

answered Jul 29 '11 at 20:08 by pankaj 5.2k320

Thank you, Pankaj, for your immediate and useful reply
(Jul 31 '11 at 11:46) Pranesh

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Asked: Jul 29 '11 at 17:05

Seen: 1,074 times

Last updated: Jul 31 '11 at 11:46