Long term capital gain u/s 54
This query is : Resolved
19 April 2013
I have a doubt with respect to the capital gain arising on sale of house u/s 54.
Suppose if the house being sold is in the name of parents. The new house being purchased is in the name of children. If the capital gain arising from the sale of house which is in the name of parents is invested in the new house being purchased in the name of children, would the same be taxable in the hands of parents.
The below recent news says that the assessee's definition should be wide enough to cover its legal heirs.
https://www.business-standard.com/article/pf/capital-gains-tax-exemption-for-joint-property-also-113020901091_1.html
Also in few cases it was held that in case of spouse the above situation is exempted u/s 54. Does the same applicable in case of parents and children?.
Kindly help in the matter.
Thanks and Regards,
Priya Jain
Suppose if the house being sold is in the name of parents. The new house being purchased is in the name of children. If the capital gain arising from the sale of house which is in the name of parents is invested in the new house being purchased in the name of children, would the same be taxable in the hands of parents.
The below recent news says that the assessee's definition should be wide enough to cover its legal heirs.
https://www.business-standard.com/article/pf/capital-gains-tax-exemption-for-joint-property-also-113020901091_1.html
Also in few cases it was held that in case of spouse the above situation is exempted u/s 54. Does the same applicable in case of parents and children?.
Kindly help in the matter.
Thanks and Regards,
Priya Jain
19 April 2013
We can not say that the Income Tax Authority
may not harass in the matter.
.
The judgement is in the case of husband and wife, and to be safer, it has to be applied
accordingly.
.
To avoid litigation, include the name of the child/children with the name of the parent assessee.
.
may not harass in the matter.
.
The judgement is in the case of husband and wife, and to be safer, it has to be applied
accordingly.
.
To avoid litigation, include the name of the child/children with the name of the parent assessee.
.
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
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Capital gain on sale and purchase of plot
- Bank details not Visible on Traces Portal
- Journal entry of busniess expenses
- NRI starting business in India
- Form 140 tds
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- 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
