Hi Tax Gurus,
Our case is as follows:
I am salary employee.
We sold our residential inherited house (we stayed in it for 36 years) in DEC-2017 for 1,48,50,000 (1 crore 48 lakhs & 50 thousand).
We are 3 people (My Mother,My married Sister & Me) and each of us got 1,48,50,000 divide by 3 = 49 lakhs & 50 thousand.
We started living in it from MAY-1981. Location: Pune
We paid brokerage as 99 thousand each.
My father passed away in MAY-2012.
Note: We don’t know how much money my father spent for building the house i.e. we don’t know the Purchase price of it.
Valuation of the house is 2 crores.
Any idea how to calculate Purchase value?
We sold one more house (which was vacant) in MAY-2017 for 63 lakhs. We purchased it for 23 lakhs. We never lived in it. It was on my name & my wife’s name.
Purchase date: 21-JUL-2011 (more than 3 years). Location: Ahmedabad. Each one of us got 31 lakhs & 50 thousand. We paid brokerage as 63 thousand each of us paid 31 thousand 500 to broker.
Now I bought a house i DEC-2017 (flat in which we are staying now) in which I invested 49 lakhs & 50 thousand (House1 share) + 31 lakhs & 50 thousand (House2 share). My wife contributed her share as 31 lakhs & 50 thousand.
My mother contributed her share as 49 lakhs & 50 thousand. In short, whatever money we got + we invested in new house 100%.
As per my analysis & understanding, I have to file ITR-2 since it is more than one house. I can claim exemption under 54 section and not any other 54 section.
My wife and mother will file ITR-1 since for them, it is only one house sold on their names.
Please clarify my understanding.