Section 54 Exemption if Sale by Wife Purchase by Husband

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  1. Ruhi sharma

    Ruhi sharma New Member

    I bought house for 30 lac in 2008 and selling for 55 lac in 2014. TDS shall be paid on difference 25 lacs (sale - purchase)or 55 lacs ?I hv to adjust O/s hsng loan too. as I intend to purchase new house within a year , can I keep yhis sale money in savings a/c for a few months ?after how many months I hv to open capital gain a/c ? Can I utilize this money for joint property construction ?
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Dear @Ruhi sharma

    TDS on Property would be deducted on the whole amount i.e. on 55 Lacs. 1% of 55 Lacs = 55,000

    Amount is required to be deposited in the capital gains account before filing of income tax return. In case you are a salaried employee, your due date of filing income tax return would be 31st July 2014 and amt would be required to be deposited before this date.
     
  3. jagmohan singh

    jagmohan singh New Member

    Dear Praveen: Transfer of prperty means transferring that property which is already in ur name. here u are not onwer of the property which is purchased in the name of ur wife.How Sec. 27 comes into the picture.There is no deduction u/s 54 in case of deemed owner. There should be actual investment by the assessee.
     
  4. JANARDHANA KUNDER

    JANARDHANA KUNDER New Member

    Dear Sir/ Madam,
    Presently I am staying in flat which is my own ( Say flat A) which is self occupied in Bangalore and I am paying housing loan interest. I have also one more flat (Say B) for investment purpose for which also I have housing loan. Now I have registered one more flat which is bigger one (Say flat C) and taken housing loan.I stay in bangalore and working also in same city. I will move to flat C from mat first week and stay there. I am planning to give it for rent on flat A and flat B. All the three flat has housing loan running.

    Now
    1> Can I claim interest paid on flat A and B which will be rented in future if I get a tenant?
    2> Can I claim Interest paid on flat C which will be occupied by me?
    3> Am I eligible for HRA?
     
  5. Neha Sharma

    Neha Sharma Active Member

    Dear @JANARDHANA KUNDER

    1. Irrespective of whether you get a tenant or not, you can claim deduction for the Housing Loan Interest.
    2. Yes, you can also claim deduction for Flat C in which you are residing. The deduction would be limited to Rs. 1.50 Lakhs
    3. Tax deduction for HRA will not be allowed.
     
  6. JANARDHANA KUNDER

    JANARDHANA KUNDER New Member

    Dear Neha,
    Thanks a lot. Will there be any limit for the housing loan interest claim for the flat which shall not be self ocupied?
     
  7. JANARDHANA KUNDER

    JANARDHANA KUNDER New Member

    Dear Neha,
    Thanks a lot. Will there be any limit for the housing loan interest claim for the flat which shall not be self ocupied?
     
  8. Neha Sharma

    Neha Sharma Active Member

    No Limit for deduction of interest on property which is not self occupied...
     
  9. JANARDHANA KUNDER

    JANARDHANA KUNDER New Member

    Thanks. If my other flat both A and B which shall be given for rent. In the worst scenario, if I fail to get a good tenant, then what is the income I need to show in the " income from house property and how shall I do the need?
     
  10. Neha Sharma

    Neha Sharma Active Member

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