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)
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