Long term capital gain
This query is : Resolved
25 February 2012
My Cleint had sold residential house in F.Y.2006-2007(A.Y-2007-2008)which was in joint name with his wife and He had taken expemtion U/s 54 by booking of residential Flat in joint name. Now during the current year, He wants to get regsitration the said flat with Audthority in wife name only beacuse stamp duty on said flat is 1% lesser in the case of women.is there any violation of Section 54?.
Thanks in advance
Manoj
Thanks in advance
Manoj
25 February 2012
If he can substantiate that the amount has been invested in the required manner, Registration in the only name of his wife, does not disqualify him from exemption U/s 54. He can do so.
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