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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.)
.

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