long term capital gain on sale of house

I have recently sold my house which was jointly held by myself and my wife. The money received from the sale has been distributed equally to the two of us as that is how we had invested in the house. I plan to buy two apartments with this money: one in my sole name and another in my wife's sole name. Can each of us claim the cost of the respective apartment as deduction from the money that is received separately by us? Thank you.

asked May 24 '14 at 11:03 by niranjan9876 11

Each share holder would be free to invest his/her share into another house property jointly or as single owner. So, there won't be any issue in claiming tax benefit u/s 54 while you buy separate house properties.

answered May 24 '14 at 16:04 by Pankaj Batra 5.2k320


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Asked: May 24 '14 at 11:03

Seen: 1,663 times

Last updated: May 24 '14 at 16:04