Section 54: capital gain invested in the name of spouse ?
This query is : Resolved
12 June 2013
Question 1.
Mr. X sold his residential property and long term capital gain arose on it.
Can he claim the benefit of Section 54 by investing this capital gain in residential property in the name of :
1st Case - Spouse
2nd Case - Children
Question 2.
Is there any requirement that Mr.X should be co-owner in the new property for claiming benefit u/s 54 ?
Mr. X sold his residential property and long term capital gain arose on it.
Can he claim the benefit of Section 54 by investing this capital gain in residential property in the name of :
1st Case - Spouse
2nd Case - Children
Question 2.
Is there any requirement that Mr.X should be co-owner in the new property for claiming benefit u/s 54 ?
12 June 2013
No sir, Mr. X can can't claim exemption u/s 54 until he invest money in his name.
If he became a part owner , then Investment amount is considered for his % of share in property, for the calculation of capital gain.
If he became a part owner , then Investment amount is considered for his % of share in property, for the calculation of capital gain.
12 June 2013
There is a decision in your favour by Karnataka High Court in
DIT V MRS. JENNIFER BHIDE 252 CTR 444
DIT V MRS. JENNIFER BHIDE 252 CTR 444
12 June 2013
Sir
In the case law mentioned above, the assessee had purchased the property in her name with his husband as co-owner.
I want to ask whether the benefit of Sec 54 will be available if the assessee purchases the property in the name of spouse only. (Payment made by assessee) ?
In the case law mentioned above, the assessee had purchased the property in her name with his husband as co-owner.
I want to ask whether the benefit of Sec 54 will be available if the assessee purchases the property in the name of spouse only. (Payment made by assessee) ?
13 June 2013
Another favourable decision u/s 54F
CIT Vs. Kamal Wahal [2013] 30 taxmann.com 34 (Del)
CIT Vs. Kamal Wahal [2013] 30 taxmann.com 34 (Del)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Taxation on LTCG for property sold after 24JUL2024
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
