Long term capital gain exemption u/s 54 of i.t.act.
This query is : Resolved
CA Sanjay Baheti
(Querist)
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.
CA.Sourabh Sethia
(Expert)
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
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