Capital Gains - Exemption u/s 54F
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17 June 2020
If a person is constructing one house property in his own name and one house property jointly with his spouse simultaneously , can he claim exemption u/s 54F for capital gains arising on sale of land?
Whether exemption u/s 54F is allowed for the property which is constructed in his own name?
Regards.
Whether exemption u/s 54F is allowed for the property which is constructed in his own name?
Regards.
17 June 2020
54F will be allowed provided
* he should not own more than one house on the date of transfer of land and
* the sale should precede the construction of the new house.
* he should not own more than one house on the date of transfer of land and
* the sale should precede the construction of the new house.
17 June 2020
Sir,
The Proviso to Sec 54F states,
Provided that nothing contained in this sub-section shall apply where—
(a) the assessee,—
(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset.
Will the Joint construction of house property with spouse amount to construction of a house property other than new asset impacting (iii) above?
The Proviso to Sec 54F states,
Provided that nothing contained in this sub-section shall apply where—
(a) the assessee,—
(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset.
Will the Joint construction of house property with spouse amount to construction of a house property other than new asset impacting (iii) above?
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