Capital Gains
This query is : Resolved
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?
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?
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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