banner_ad

Exemption u/s 54 in Capital Gain.

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
05 February 2011 An assessee sells land for Rs. 10 lacs and his wife sells land for 40 lacs. They purchase 1 residential plot in their joint names for 50 lacs, husband contributes 10 lacs and wife contributes 40 lacs. On this land they construct a house for 10 lacs in which husband contributes 2 lacs and wife contributes 8 lacs respectively. Can both claim exemption u/s 54 from capital gains.
Profile Image

CA Jeen paul

Profile Image

CA Jeen paul (Expert)
07 February 2011 yes both can claim exemption
u/s 54 exemption can be availed if the asessee purchases or constructs a residential house within a certain period. the word purchase should be taken in its ordinary meaning buying for a price. Here both parties have complied the above principle hence exemption available-CIT.v.T.N.Aravinda reddy (1974) 2 taxman 541(sc)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details