12 December 2013
1) assesse sold his old residential house and he received the sale amount and the purchases site and constructed new house with in 14 months in name of spouse.
my quires is capital gain amount can utilized for spouse name constriction of house. if yes plz tall me the which sections and rules
12 December 2013
there are conflicting judgments on this. While many high courts have ruled in the favor of allowing such deductions, Bombay High Court has ruled that exemption cannot be allowed in such cases.
For a detailed discussion, refer http://www.livemint.com/Money/ri5ZR06rWF1Qclq5F4nDNK/Whats-in-a-name-longterm-capital-gains-exemption.html
13 December 2013
yes the only condition mentioned is that the capital gain amount should be invested within the specified time in new residential house property.
it doesnt speak of in whose name it should be invested and in whose name it shouldnt be.
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