Exemption incase of Sale of property

This query is : Resolved

DIVYESH JAIN (Querist)
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01 October 2021 Dear Sir,

A person has sold his old property which was in his name and against that he has purchased a new property where his wife is the first owner and he is the second owner of the new property.

In the old property which was sold his wife's name is not there as the owner and the entire tds was paid in his wife's PAN while purchasing the new property.

Can the person claim exemption on capital gain from sale of property when he has purchased new property while filing his return.

Please help me in this matter.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 The TDS should have been deducted/paid by both equally.
Take care about the payment, husband pays at least the amount equal to or more than the CG arrived from old property sell.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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01 October 2021 The TDS was booked in wife's account and its reflecting in her 26AS. Payment to builder has been done equally both by husband and wife. Can the husband take the benefit of amount he has paid.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 Yes, he can, subject to conditions as specified in section 54 of IT act; and upto the limit of share in the newly purchased property.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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01 October 2021 Ok, Thanks for your reply Sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 October 2021 Most welcome.

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