Please Assume the following scenario.
If a residential house is purchased in Jun'2001 for Rs. x and the same is sold in Aug'2009 for Rs. y . It is understood that the LTCG will be calculated based on the indexed cost which will be z = y-(x*(CII in 2009/CII in 2001).
Now if another house is purchased in Mar'2009 (which will fall under within one year before clause of section 54 ) from own resources without taking any loan. Please clarify whether in this case the rebate on Long Term capital gain will be available under section 54 of IT act or Not.
Please also clarify - if suppose the first house property (which is sold in Aug'2009) is in the name of husband. And the property which is purchased earlier (i.e. Mar'2009) is in the joint names of husband and wife (Both are earning members and are itax assessee). Can the rebate on capital gain arising on sale of the house (which is in the name of husband) be claimed ?. Who has to declare the new house (which is in joint name) in the return husband OR wife??
The new property has been acquired without taking any loan and in the registry the share of each co-owner is not mentioned. Then how it will be ascertained that whose share is how much? Or it is considered 50:50 where no share is clearly mentioned in the registry. Please calrify these points. Also who has to show the property in the return Husband or wife, if both can show then how and under which column in ITR-2.
Thanks & regards.