Exemption u/s 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2011
Dear Experts
A person sold a residential house and wants to invest more than the amount of capital gain in another residential house for benefit u/s 54. My query is :
Can he purchase another residential house in joint name with his wife. First name will be of wife or
he has to purchase the house in his own name only.
Thanks in advance
A person sold a residential house and wants to invest more than the amount of capital gain in another residential house for benefit u/s 54. My query is :
Can he purchase another residential house in joint name with his wife. First name will be of wife or
he has to purchase the house in his own name only.
Thanks in advance
Aditya Maheshwari
(Expert)
27 June 2011
Property can be purchased in joint name also. But the share of joint should be made known clearly so that there is no problem in claim of exemption u/s 54.
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