Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

deduction u/s 54

Save Share

This query is : Open

Pradip (Querist)
Follow

02 December 2010 Mr. X - Owner of Residential House Property since 1981-82 gifted the said property to Mrs. X in 2002-03. This house property is proposed to be sold in 2010-11.

Please, assume that all other condition of section 54 are fulfilled.

In whose name Cap. Gain would be taxed ?
For Claiming Exemption u/s. 54 how & in whose name Investment in new Residential House Property should be made ?

Shall it do if new investment (Residential House Property) is made by Mrs. X only because sales proceeds will be received by Mrs. X ?

Deduction u/s.54 is to be claimed by Mr X & we do not want to add Mr X's name in the new property. Is it possible ?

NITIN SHARMA

NITIN SHARMA (Expert)
Follow

06 December 2010 First of all make it clear weather the gift was given by mr. x to mrs.x was through the registerd transfer or by way of only gift deed. this is ery important to decide the legal ownership of that property.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now