Exemption U/s 54 or 54F
This query is : Resolved
22 April 2010
I have purchased a Hosue property to claim the exemption u/s 54F of IT Act'61
Than after the same was gifted to wife within 3 years
Whether the same will be treated as transfer of property and capital gain arose in my hand?
Than after the same was gifted to wife within 3 years
Whether the same will be treated as transfer of property and capital gain arose in my hand?
22 April 2010
Section 54F(3) had used the word 'transfer'. Gift is not a transfer as per section 2(47). Therefore, capital gain does not arise.
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