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Income Tax ,Capital Gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 January 2011 Dear Sir,
I have a query regarding capital gain exemption, A person sales a plot against rs. 5 Lacs in F.Y.2009-10 & capital gain arised for rs.3 lacs.He has constructed a house on his wife's plot.& has made a payment against construction of house of Rs 8 lacs in F.Y.2009-10 by his bank account.&Rs Rs.5 lacs in f.y.2010-11.
Is he eligible to take exemption on house constructed on his wife's ownership plot.

Please give me your valuable advice.

THANKING YOU

A. JAIN
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
20 January 2011 Yes, he is eligible to get capital gain exemption U/s 54F. He should obtain written consent for construction on her land, from wife on Stamp Paper of required denomination.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
21 January 2011 yes he is eligible for the exemption
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K V Subba Rao

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K V Subba Rao (Expert)
21 January 2011 Yes. Please check the following link---

https://taxworry.com/claim-capital-gains-exemption-us-54/
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