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capital gain benefit

This query is : Resolved 

if a husband and wife co-owned a property and sell the same and invest the money in a residential house owned by husband and the house is transferred in wife's name within 2 years of sale of property,can wife get capital gain exemption?

has husband claimed the exemption for NEW asset, then if he transfers the NEW asset within 3 years, his exemption would get lost.....

its not new asset, the asset already existed, they only renovated the house (built one more floor)

now if husband transfers that house in wife's name, will she be able to claim capital gain exemption, if husband has not claimed for the same

Now getting confused.......let us talk in terms of house A, house B and so on, to keep the confusion at minimal level ok?

As I understood from your query, : House A is co owned by H and W. This house is sold. So? The capital gain has arisen to BOTH.....H and W....right?

Now you claim that House B is owned by H.... and the first floor of House B is constructed.....right?

If it is within the time limit as specified by the income tax, the W can very well claim the exemption.


Sir it is land that is sold and not house property...

Had you clarified the same in your original query, it would have been better. Dont you think so? Anyway......
The capital gain on sale of PLOT has arisen for BOTH....H as well as W.
Now W wants to invest in the house owned by H....(First floor as you mentioned.)
If the House is capable of being transfferred and the same is transferred in the name of W, then W can very well claim the exemption.
(Please note, by doing so, H is facing one more capital gain, please dont forget that)

thank you Sir, I'll try to be very clear with my doubts next time:)

you are most welcome.



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