Exemption u/s 54 of i.t. act.

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CA BINIT SHAH (Querist)
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28 July 2011 original resedential property was in the joint name of husband and wife. the same property has been sold in F.Y. 10 -11 and all the consideration has been depositedx in the joint account. now another new two resedential hose property has been purchased in the joint name. in the 1st property the first holder is husband and the second holder is wife and in the second property it is vice - versa. total capital gain after indexation is 32 lakhs and the consideration of the two new properties in 25 lakhs each. so can both husband and wife individually take an exemption u/s 54 for the both properties??

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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29 July 2011 Yes provided the purchase consideration has been shown on 50% share otherwise the amount of investment shown in each case compared with the total value to be taken as percentage. If wife has not shown any money as investment then it cannot be taken as exemption and the husband shall get rebate only for one house.

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Exemption u/s 54 of i.t. act.

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