Long term capital gain exemption u/s 54 of i.t.act.
This query is : Resolved
23 February 2013
Dear Experts,
One of My client being an Individual Lady has purchased a Residential House property (i.e. Tenament) in her name in the Year 2005.
Now She wants to sell/dispose the said House in the Current F.Y. & whatever the long perm capital gain arises therefrom is likely to be fully utilized towards purchase of New Residential Bungalow in joint name with her husband.
Now query is whether she can claim the said long term capital gain as exempted u/s 54 of I.T. Act even though the new house property will be in joint name with her husband by investing equally amount either fully or proportionately.
One of My client being an Individual Lady has purchased a Residential House property (i.e. Tenament) in her name in the Year 2005.
Now She wants to sell/dispose the said House in the Current F.Y. & whatever the long perm capital gain arises therefrom is likely to be fully utilized towards purchase of New Residential Bungalow in joint name with her husband.
Now query is whether she can claim the said long term capital gain as exempted u/s 54 of I.T. Act even though the new house property will be in joint name with her husband by investing equally amount either fully or proportionately.
23 February 2013
Yes she can claim the exemption but the exemption shall be restricted to the amount invested by her in the New Bungalow
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- RATE AND HSN CODE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Carriage Road Act, 2007 read with Carriage by Road Rules, 2011
- EMI ISSUE IN HOUSING LOAN OLD REGIME
- TDS AND ITR ISSUE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Bank details not Visible on Traces Portal
- Difference between Date of Payment and Date of Deduction?
- Journal entry of busniess expenses
- Cash balance limit and property purchases limit
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
