Income Tax ,Capital Gain
This query is : Resolved
Querist : Anonymous
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
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
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.
Message likes :
1 times
21 January 2011
yes he is eligible for the exemption
K V Subba Rao
(Expert)
21 January 2011
Yes. Please check the following link---
https://taxworry.com/claim-capital-gains-exemption-us-54/
https://taxworry.com/claim-capital-gains-exemption-us-54/
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