Capital Gains Tax

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  1. Vijay DIddee

    Vijay DIddee New Member

    My wife has two residential houses in her single name and in the third she is 50 % owner. We wish to purchase amother new house within the next month, which we wish to do jointly. Meaning now she will fully own 2 houses and be 50 % owner in 2.
    My query is if she sells one of the houses in her single name (held in her name for more than 3 years) can she urilize the capital gain to purchase another residential house? Can this house be put jointly in my wife's and my name?
  2. rudrabose

    rudrabose Active Member

    Yes, the capital gains arising from the sale of a Residential House can be invested in another house in which both of you are co-owners.

    Exemption under Section 54 is allowed to be claimed in the above mentioned case.
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