Capital gain section 54
This query is : Resolved
09 January 2016
Dear Experts ,
I have following doubts. Looking for your guidance.
1) Can assessee calim exemption u/s 54 if he is holding more than 2 residential property?
2) Residential house property is jointly owned by husband and wife, which is sold off and new property is bought in the name of wife then husband is eligible for the benefit of section 54?
Thanks
I have following doubts. Looking for your guidance.
1) Can assessee calim exemption u/s 54 if he is holding more than 2 residential property?
2) Residential house property is jointly owned by husband and wife, which is sold off and new property is bought in the name of wife then husband is eligible for the benefit of section 54?
Thanks
09 January 2016
1) Yes he can claim exemption U/s 54 even if he holds more than two houses.
.
2) Exemption us/ 54 is available to the wife. It may be availed by the husband also if he also invests in the new property. For reading in detail- please go through the Delhi Court's Decisions more particularly mentioned in the linked article-
https://www.caclubindia.com/articles/exemption-u-s-54-for-asset-purchased-in-different-name--24052.asp
.
2) Exemption us/ 54 is available to the wife. It may be availed by the husband also if he also invests in the new property. For reading in detail- please go through the Delhi Court's Decisions more particularly mentioned in the linked article-
https://www.caclubindia.com/articles/exemption-u-s-54-for-asset-purchased-in-different-name--24052.asp
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Rent claimed on building given on permissive possession basis
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Grand in aid
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
