Huf income vrs personal income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2013
SIR,
CAN CAPITAL GAINS ARISING FROM THE SALE OF IMMOVABLE PROPRTY OTHER THAN RESIDENTIAL PROPERTY IN TWO DIFFERENT CONSECUTIVE F.Y.'S BE INVESTED IN THE PURCHASE OF A SINGLE RESIDENTIAL HOUSE/FLAT IF THE TIMING IS COMPLIES WITH SECTION 54F. WILL THE I.T. DEPT. GIVE EXEMPTION IF THE PURCHASE OF RES. FLAT IS DONE/SH SOLELY IN THE NAME OF SPOUSE.ESP. IF I CAN SHOW THAT I TRANSFERRED MONEY FROM MY BANK A/C TO WIFE'S ACCOUNT AND THE SAME WAS UTILISED FOR PURCHASING THE RES. PROPERTY.
CAN CAPITAL GAINS ARISING FROM THE SALE OF IMMOVABLE PROPRTY OTHER THAN RESIDENTIAL PROPERTY IN TWO DIFFERENT CONSECUTIVE F.Y.'S BE INVESTED IN THE PURCHASE OF A SINGLE RESIDENTIAL HOUSE/FLAT IF THE TIMING IS COMPLIES WITH SECTION 54F. WILL THE I.T. DEPT. GIVE EXEMPTION IF THE PURCHASE OF RES. FLAT IS DONE/SH SOLELY IN THE NAME OF SPOUSE.ESP. IF I CAN SHOW THAT I TRANSFERRED MONEY FROM MY BANK A/C TO WIFE'S ACCOUNT AND THE SAME WAS UTILISED FOR PURCHASING THE RES. PROPERTY.
03 February 2013
1. IN THIS CASE YOU SHOULD NOT BE OWNING MORE THAN ONE RESIDENTIAL HOUSE-
.
2. BENEFIT AGAINST A SINGLE PROPERTY IS NOT DENIED U/S 54F-AS TIMINGS MENTIONED IN THE SECTION ARE IN YOUR FAVOUR.
.
3. NEW PROPERTY CAN BE PURCHASED IN WIFE'S NAME -BUT WILL BE SHOWN IN YOUR BALANCE SHEET. IN A CASE OF SECTION 54, CIT V NATRAJAN (2006) 154 TAXMANN , MADRAS HIGH COURT HAS GIVEN DECISION IN FAVOUR OF THE ASSESSEE.
4. IN MY VIEW , YOU MUST NOT TAKE DOUBLE RISKS OF IN-LAWS-
R1.INCOME-TAX LAW
R2.IN-LAWS.
AND ADD YOUR NAME ALSO. (FORGET THE CONCESSIONS TO LADIES IN STAMP DUTY, IF THERE BE ANY, IN YOUR STATE.)
.
.
2. BENEFIT AGAINST A SINGLE PROPERTY IS NOT DENIED U/S 54F-AS TIMINGS MENTIONED IN THE SECTION ARE IN YOUR FAVOUR.
.
3. NEW PROPERTY CAN BE PURCHASED IN WIFE'S NAME -BUT WILL BE SHOWN IN YOUR BALANCE SHEET. IN A CASE OF SECTION 54, CIT V NATRAJAN (2006) 154 TAXMANN , MADRAS HIGH COURT HAS GIVEN DECISION IN FAVOUR OF THE ASSESSEE.
4. IN MY VIEW , YOU MUST NOT TAKE DOUBLE RISKS OF IN-LAWS-
R1.INCOME-TAX LAW
R2.IN-LAWS.
AND ADD YOUR NAME ALSO. (FORGET THE CONCESSIONS TO LADIES IN STAMP DUTY, IF THERE BE ANY, IN YOUR STATE.)
.
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
- Section 270A penalty
- GSTR 1- Amend Credit Note
- Supply to unit situated in SEZ
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Tax liability on gift amount given to blood relation
- TDS AFTER SUBMISSION OF 15G OR H
- TDS- defaults - old period ie. F.Y. 2012-2013 etc, etc
- To Whom the Professional Invoice should be Raise
- Gst registration rule 14A
- Reimbursement of expense- GST applicable or not
- GSTR 9C- Table 9
- GST Registration Application -Rejected
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
