660+ Lawyers are online 
Purchased flat on my own but co owned with mother what if it sell it
28-Mar-2023 (In Tax Law)
I (Adult Male) had purchased a house co-owned with my Mother 16 yrs back. Mother is a housewife and never filed Tax return but having PAN. I intend to sell this house and buy a new house (fully self funded) in Self + wife's name. Wife (now a house wife) is having PAN and not filed return for last 9 yrs since stopped working 9 yrs back. Will I get full benefit of LTCG assuming I do the transactions in the required time period as per section 54. Or will it be apportioned. If apportioned will they split with me and my mother (owners of previous house) or me and my wife ( owners of the new house)?
In case where the house was in the joint name of you and your mother and you planning to buy a new house from the proceeds of the sale of the old home then you can claim for the tax benefits under section 54 of Income Tax Act. The tax benefit will not be apportioned between you and or mother or your wife. You will receive the benefit together on the property.
74+
Adv. Siddhant Sharma
Delhi | 200+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
