Sec.54&54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2015 Sir, Wife got Rs.50,00,0000. as LTCG and Invested in a property in her husband name 40,00,000. Whether she can claim sec.54 or 54f& What was the tax effect.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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30 August 2015 exemption u/s 54 or 54F will depend upon the asset sold. If asset sold is residential house property than it will qualify for section 54 and if other than residential property it will qualify for section 54F. Wife invested in husbmand's name. It is debatable whether wife will get exemption for investment in husband's name. One will have to look for case laws in this regard.