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Exemption Under Section 54 of the Income Tax Act

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(Querist)
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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 May 2021 Yes you can do so...........
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CA Satish Badve

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CA Satish Badve (Expert)
17 May 2021 Yes, she has to offer LT CG on selling the share to you.The sale should be at Stamp duty Value.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 May 2021 Yes per Supreme Court decision in CIT Vs. T. N. Aravinda Reddy (1979) 120 ITR 46.
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Goverdhan Kedia

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Goverdhan Kedia (Querist)
18 May 2021 Thank you to all for your valued advise
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