Section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2010
Hello,
I just want to know that....
My uncle who owned a house property, sold the same and want to purchase another property in the name of his friend and himself.Is the same is treated as transfer?? Can he claim exemption under section 54???
I just want to know that....
My uncle who owned a house property, sold the same and want to purchase another property in the name of his friend and himself.Is the same is treated as transfer?? Can he claim exemption under section 54???
Rahul Gupta
(Expert)
09 March 2010
The sale is treated as transfer and exemption u/s Sec 54 can be avialed only for your uncle's portion of investment made in new house.
CMA Arif Farooqui
(Expert)
16 March 2010
yes it is transfer and exemption will be available only for ur uncle's portion of investment made in new house provided other conditions mention u/s 54 is fullfil
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