Capital Gains

This query is : Resolved

CA Smita R Lokapur (Querist)
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28 June 2011 Pls Help me out in the following case:-

There is an assessee who has transferred his flat to his spouse without consideration. Now the said flat is in spouse's name & during the year the said flat has been sold. The sale consideration is received in the assessee's name & not in spouse's name. The assessee wishes to claim capital gain deduction u/s.54EC in his return. Now since the flat was in his spouse's name can he claim deduction u/s.54EC in his name?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 June 2011 Capital asset is not in the name of the assessee and hence husband can't claim 54EC though he may come up with section 64(1)(iv).

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