Regarding section 54f
This query is : Resolved
Querist : Anonymous
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.
CA PARAS BAFNA
(Expert)
06 January 2013
Is there any proof on record that husband has given such gift ?
.
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.
.
.
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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