Deduction from long term capital gain

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CA. Naveen Jain (Querist)
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29 July 2011 A salaried person sold a property for Rs. 728807/- on 18/10/2010 and purchase a residential property in the name of his Wife on 07/01/2011 for Rs. 1900000/-.

Pls explain can he claim deduction under section 54 for his ITR

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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29 July 2011 Yes but in his balance sheet the property should appear by stating in the name of wife or he may incorporate this in the sale deed or purchase deed.

CA. Naveen Jain

CA. Naveen Jain (Querist)
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29 July 2011 Sir the person is Salaried and has bank account in the joint name with his wife.
CAn he still claim deduction. As the sold property was in his name and Purchase property in the name of his wife

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