11 July 2011
My client sold a house property for Rs.10,00,000 and purchased another house property with his wife name. Does he eligible for exemption under Sec 54 of the Income Tax Act.
11 July 2011
If reinvestment in new residential house is in the name of wife exemption u/s 54 will be allowed to husband in view of the following decision. CIT Vs. V.Natarajan (2006) 154 Taxman 399(Mad).
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