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 Batra 5.2k320

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

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Jul 29 '11 at 17:05

Seen: 1,643 times

Last updated: Jul 31 '11 at 11:46