Capital gain section 54
This query is : Resolved
NAINA JAIN
(Querist)
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
CA PARAS BAFNA
(Expert)
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
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