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EXEMPTION-CAPITAL GAINS ON SALE OF HOUSE PROPERTY U/S 54

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22 February 2020 MY CLIENT HAS SOLD A HOUSE PROPERTY IN FY 2018-19 AND PURCHASED A NEW HOUSE IMMEDIATELY. SO WE HAVE CLAIMED EXEMPTION U/S 54. BUT WITHIN 1 YEAR HE HAS GIFTED THE NEW HOUSE TO HIS DAUGHTER. IS GIFT TO BE TREATED AS SAME AS SALE OR OTHERWISE..?

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 February 2020 Capital gains attracts meaning thereby exemption u/s 54 will be forfeited since the word used is' TRANSFER' in section 54(1)(i) and (ii) and not 'SALE' as u said.
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