Exemption Under Section 54 of the Income Tax Act
This query is : Resolved
Quick Summary
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Sales of goods of amount Rs77 lakhs to a party
- ITR-3 - How to show loss in 65(i) - (iii) under under Part A - P & L section and sub section 65?
- Schedule Dpm under 44ada no account casr
- Automatic MIS from Tally ERP
- Filling ITR for FY 2024-25
- TAX AAPLICABLE TO SUPPLY OF FRESH FRUIT JIUCE
- FRESH FRUIT JUICE EXEMPTION UNDER GST
- Incidence of Tax - TDA
- FOB freight
- TDS Retunr Statement Status
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
