Tax on sale of residential flat after 10 years of purchase.
This query is : Resolved
Prakash Raspayle
(Querist)
06 July 2016
Sir,
I have purchased a residential flat in 2006 in joint name along with my wife. I have sold the flat in 2016 and invested entire sale amount in new flat and it is registered in single name of me without adding wife name. Am I eligible for exemption of capital gains under sec 54. pl advise.
Prakash
I have purchased a residential flat in 2006 in joint name along with my wife. I have sold the flat in 2016 and invested entire sale amount in new flat and it is registered in single name of me without adding wife name. Am I eligible for exemption of capital gains under sec 54. pl advise.
Prakash
07 July 2016
Yes you are eligible for exemption u/s 54.
Soumitra Basu
(Expert)
07 July 2016
IF IT CAN BE PROVED THAT THE FLAT WAS PURCHASED FROM YOUR INCOME AND YOUR WIFE WAS MERELY A NAME LENDER. OTHERWISE YOUR WIFE HAS TO BEAR 50% CAPITAL GAIN TAX.
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