Capital gain u/s 54
This query is : Resolved
18 August 2014
Dear Experts @ CCA,I have a query as follows:
If an assessee sells his long term capital asset(being a residential property) and purchases within 2 years a residential property in the name of his spouse, will exemption u/s 54 be applicable to him?Provided that he has no other taxable income but his spouse has taxable income (a govt employee) and files ITR.
If an assessee sells his long term capital asset(being a residential property) and purchases within 2 years a residential property in the name of his spouse, will exemption u/s 54 be applicable to him?Provided that he has no other taxable income but his spouse has taxable income (a govt employee) and files ITR.
18 August 2014
generally yes, such investment in spouse's name are allowed for exemption under section 54. However, it is advisable that you buy the house in joint name atleast
28 August 2014
yes allowed u/s 54 no issues with this
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