capital gain-exemption u/s 54f
This query is : Open
nikita agarwal
(Querist)
23 August 2016
a land co-owned by husband and wife is sold and the capital gain is utilised for extension of their old house property which is in the name of the husband. while filing IT Returns can the wife avail the exemption of capital gain inspite of the house property being in husband's name
24 August 2016
Exemption is not allowable if existing house is extended. Inference - CIT Vs. Pradeep Kumar [2006] 153 Taxman 138(Mad).
nikita agarwal
(Querist)
24 August 2016
thank u sir
nikita agarwal
(Querist)
24 August 2016
but in the case that I mentioned they are investing the capital gain to build another floor...please clarify on the same
24 August 2016
Please see my observation in https://www.caclubindia.com/experts/54f-construction-of-first-floor-1659934.asp
nikita agarwal
(Querist)
24 August 2016
thanks again.... so can the wife claim full deduction if the land sold is co-owned by herself and her husband and the residential house in which one floor is constructed is owned only by the husband
24 August 2016
Absolutely no.- Inference- Prakash Vs. ITO (2008) 173 Taxman 311 (Bom).
nikita agarwal
(Querist)
24 August 2016
thanks a lot sir
nikita agarwal
(Querist)
06 September 2016
in the above context ,after selling the land ,they have to purchase a house property to get exemption....what is the definition of purchase?
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