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

This query is : Resolved

ankit (Querist)
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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)
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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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