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New house property in the name of wife-exemption u/s 54 ??

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This query is : Resolved

ankit (Querist)

13 April 2014 Hello everyone,

Mr. X and Mrs. X were joint owner of a residential house property. they sold the house property (long term) and purchased a new residential house property within the prescribed time but only in the name of wife.

Entire capital gain was reinvested in new house.

ITO disallowed the exemption u/s. 54 to Mr. X and added 50% LTCG to his income.

I have seen some case laws in favour of the assesse and filing appeal before CIT (A).

I just want to know whether my case is strong enough and if any one can send me favourable judgement on similar facts.

Thanks in advance.

Rupesh Jain

Rupesh Jain (Expert)

15 April 2014 if old house was in joint name then you can claim exemption u/s 54 for new join tname house.
otherwise AO is right.

if you want to go for appeal

it may be possible then you have to prove very much things.

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