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Regarding section 54f

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 January 2013 In case a husband gifts jewellery to his wife in FY 04-05 and then in the FY 11-12, the jewellery is sold and a house property is purchased in joint name of husband and wife,what will be the tax implication in the hands of husband and wife?Please help.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2013 Is there any proof on record that husband has given such gift ?
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In the situation mentioned by you, the capital gains income can be shown in the hands of husband only. However, benefit U/s 54F can be claimed by the Husband in respect of the new house purchased in joint names.
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