capital gain tax & exemption
This query is : Resolved
CA Hemant T Dewani
(Querist)
25 February 2009
a husband sold a flat & plot in the year may 2008 for rs 4000000/- & his wife already have a land in another city in hers name
the husband start a construction on his wife's plot all expenses are made by husband for construction
whether this capital exp are allowed u/s 54 & 54F to the husband or not what procedure is followed for capital gain investment
any citation Or case law
thanks
cahemantdewani@hotmail.com
the husband start a construction on his wife's plot all expenses are made by husband for construction
whether this capital exp are allowed u/s 54 & 54F to the husband or not what procedure is followed for capital gain investment
any citation Or case law
thanks
cahemantdewani@hotmail.com
CA. B.SRINIVASULU
(Expert)
25 February 2009
As it is the husband is not eligible for deduction.
But what you have to do before the commencement of construction make a joint venture agreement between husband and wife stating that wife is bringing land and husband is bringing money and for the purpose of their residence.
Then you can cliam deduction in the file of husband.
But what you have to do before the commencement of construction make a joint venture agreement between husband and wife stating that wife is bringing land and husband is bringing money and for the purpose of their residence.
Then you can cliam deduction in the file of husband.
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