EXEMPTION-CAPITAL GAINS ON SALE OF HOUSE PROPERTY U/S 54
This query is : Resolved
CA RaviKumar
(Querist)
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..?
PLS SUGGEST
PLS SUGGEST
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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