Yes it is fine. Decide the ratio in respect to capital gain earned by each member. Maximum investment from maximum gain.
Exemption against capital gain after selling house
I am selling my own house which i have bought in 2011. me and my wife are the joint owners of our house. we are selling our house and we are buying new house which is of higher cost. only concern is that the new property we will buy on the name of both of us but first name will be of my wife and second will be of mine. Is it OK for getting exemtion or we will not get exemption?
Asked 7 years ago in Capital Gains Tax
DOES CHANGING THE OWNER AND CO-OWNER VICE VERSA MAKES ANY PROBLEM TO GET EXEMPTION UNDER SECTION 54F WHILE BUYING ANOTHER HOUSE AFTER SELLING PREVIOUS HOUSE?
Asked 7 years ago
i am taking each aspect 50 %. even both of us are taking tax benefit of 50% each of the existing housing loan.
Asked 7 years ago
i am taking each aspect 50 %. even both of us are taking tax benefit of 50% each of the existing housing loan.
Asked 7 years ago
i am taking each aspect 50 %. even both of us are taking tax benefit of 50% each of the existing housing loan.
Asked 7 years ago
Ok fine. Also consider slab rate.
We may assist you in return filing.
There will be no issue. Since the owners are the same, you can claim the exemptions.
Regards,
Nikhil.
.
Hi,
If I understood correctly both of you had 50% ownership of the old house with your name as primary owner. Further, you will continue to have 50% ownership in the new house but your wife as primary owner.
If the above understanding is correct then I see no issue in claiming deduction.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
You can do it.since here both have equal sharing,changing co owner name doesnot matter wrt claiming exemption.
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