Provisions of long term capital gains
This query is : Resolved
19 March 2017
Dear All,
A friend of mine sold a property in July 2016 and had a long term gains of Rs. 7 Lacs (after applying indexation provisions) & he purchased another property on the same date for Rs. 9.00 Lacs in the name of his wife, she is a housewife.
Now please answer Whether he can claim the exemption for property purchased in the name of his wife ??
A friend of mine sold a property in July 2016 and had a long term gains of Rs. 7 Lacs (after applying indexation provisions) & he purchased another property on the same date for Rs. 9.00 Lacs in the name of his wife, she is a housewife.
Now please answer Whether he can claim the exemption for property purchased in the name of his wife ??
19 March 2017
To claim exemption, the Capital Gains arising from the sale of Land should be reinvested in his name itself and not in his wife's name.
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