Sec 54 Exemption in case of Joint Ownership

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  1. KCC

    KCC New Member

    A & B are Husband and wife respectively. A got a DDA plot alotted to his name in 1984. Now that plot is sold and money is received by A having a Capital gain of approx. 20Lacs.

    Now A is allotted another plot by DDA say in 2015. However this time A & B are equal joint co-owners of the plot.

    Considering all conditions of Sec.54 are fulfilled, my Query is:

    a) whether exemption u/s 54 is available only to A irrespective of joint ownership ?


    b) Exemption is available upto 50% only

  2. Monica1990

    Monica1990 New Member

    Since equal joint owners of the plot, Only upto 50% exemption is available.

  3. Amit Sahni

    Amit Sahni Active Member

    In case of Joint Ownership - both the owners are assumed to have 50-50 share unless stated otherwise.

    And therefore the exemption allowed would be 50% only
  4. KCC

    KCC New Member

    thanks Monica & Amit...
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