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Capital gain exemption

SURAJ BALKRISHNA TAMBADE (ACCOUNTANT) (43 Points)

17 October 2016

i have sold flat in the year 2012-13 cost of rs. 5100000 and new residential flat purchase cost rs 80,00000 while registration of new flat i have register in the name of my bhabhi and dever sons can i avail exemption 54 of the income tax act 1961 pls guide us

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3 Replies

Mahendra (Chartered Accountant) (154 Points)
Replied 18 October 2016

No, if the new property is not registered under your name then you can not claim capital gain exemption.

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 18 October 2016

No, there are case laws where new property is invested jointly in the name of Assessee and his wife or in the name of wife alone and exemption is allowed u/s 54F/54. But no such case where exemption is allowed when new house property is in the name of spouse of brother.

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 18 October 2016

No. There are case laws where exemption is allowed u/s 54/54F where new house property is jointly in the name of assessee and his wife or his wife alone. But there is no such case law in which exemption is allowed where new house property is invested in the name of spouse of brother.