Exemption under section 54
This query is : Resolved
13 November 2018
A sold his house 1.5 years back and deposited the money in capital gain account. As he is having time span of two years to purchase a residential house or 3 years to purchase a constructed house from the date of sale to claim exemption under section 54. Suppose his spouse is having any residential property in her name. So can a husband can take a house property from his wife and claim the deduction under section 54? I understand the tax liability would shift to his wife on her portion of sale.But my only point is can we extend the time limitation of two year to further two years by doing this??
14 November 2018
Husband can purchase from wife. Inference - CIT Vs. Chandanben Maganlal (2002) 120 Taxman 38 (Guj).
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