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Capital Gains

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(Querist)
11 July 2011 My client sold a house property for Rs.10,00,000 and purchased another house property with his wife name. Does he eligible for exemption under Sec 54 of the Income Tax Act.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 July 2011 If reinvestment in new residential house is in the name of wife exemption u/s 54 will be allowed to husband in view of the following decision.
CIT Vs. V.Natarajan (2006) 154 Taxman 399(Mad).
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