Please clarify my doubt in giving exemption u/s 54, the husband and wife having 50% share in house property and the same was sold. In this case the Long term capital gain is taxed in both the assessee @ 50%.
After the sales, the new residential property bought in the name of husband alone. My doubt is, whether the exemption u/s 54 can claim both the assessee or it's exempted to husband alone?
If the exemption allowed only to husband means, then what is the way to give 50% deduction?
Sec. 54 says, the long term capital gain should be invested in purchase or construction of residential house property and not talking about title of property. The same was reflected in the case law of "CIT vs T. N. Aravinda Reddy (1979 120 ITR 460"
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