Capital gain

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rajan ramesh jumde (Querist)
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06 April 2018 DEAR FRIENDS Please suggest that the house propoerty in the joint name of husband and wife and the said propety has sold, the sale consideration which has recieved equally among the husband and wife. out of the sale consideration recieved by wife he has given the same to her husband for construction of house property which is in the name of husband in this case the property is in the sole name of husband, but the wife has given the money to her husband for construction of house property so whether the wife in this case can claim the exemption for construction of house property the wife is getting salary and indivially assess in income tax kindly reply

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 April 2018 Wife will loose the benefit of section 54 since she is not the owner of the new house.

RAJA P M

RAJA P M (Expert)
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06 April 2018 No... Wife can't avail the benefit of Sec 54 if the house property in the name of Husband. Sec 54 related benefit available only the name of individuals who will sold the house. Not to 2nd person...

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