Exemption Under Section 54 of the Income Tax Act
This query is : Resolved
17 May 2021
At present I am holding 2 immovable properties out of which one is in my name and another in joint names with my spouse with 50:50 share in property. I want to sell the 1st property which is exclusively in my name.
Whether I can use the amount of capital gain to buy the share of property from my spouse to avail the benefit of Section 54 at market price.
Whether I can use the amount of capital gain to buy the share of property from my spouse to avail the benefit of Section 54 at market price.
17 May 2021
Yes you can do so...........
17 May 2021
Yes, she has to offer LT CG on selling the share to you.The sale should be at Stamp duty Value.
18 May 2021
Yes per Supreme Court decision in CIT Vs. T. N. Aravinda Reddy (1979) 120 ITR 46.
18 May 2021
Thank you to all for your valued advise
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