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Purchased flat on my own but co owned with mother what if it sell it
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)?
Answers (1)
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.
Advocate Siddhant Sharma
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