Sec.54 deduction

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Ankur (Querist)
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05 December 2013 A Residential Property was co-owned by Husband and wife ,now they have sold it.Can both husband and wife claim deduction u/s54 by investing in single i.e only 1 Residential Property?

akash sharma

akash sharma (Expert)
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05 December 2013 1. assessee who invested in the property will be assessed for capital gain.

2. assessee who invests will get benefit of sec.54.

therefore mere inclusion of name of wife will not make her eligible for deduction u/s.54

Ankur

Ankur (Querist)
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09 December 2013 Thank You Sir, for above reply.
But will wife be eligible for Sec.54 Deduction if part investment in new House property is made from her Bank Account?

akash sharma

akash sharma (Expert)
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11 December 2013 no. mere making investment from wife account is not enough. one need to prove that wife was infact earned such money in any previous year which she is investing now or else it will be treated as sham entry

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