banner_ad

withdrawal of exemption u/s 54

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 May 2010 An assessee had claimed exemption u/s 54 by purchasing a residential house property and 3 years had not passed since the assessee purchaed that residential house.
Now due to family dispute he wants to transfer the said residential house to his grand son by way of gift.
Q:- Will this transfer result in withdrawal of exemption u/s 54.
Profile Image

CA. RAJESH Kr. MAURYA

Profile Image

CA. RAJESH Kr. MAURYA (Expert)
25 May 2010 As per Section 54 the new acquired property should not be transferred within 3 years of purchase. But, there is another section i.e. 47 (iii), as per which, if any property transferred as gift (to any person), that would not be considered as transfer.

Hence, no capital gains and consequently, no tax.
Profile Image

CMA Arif Farooqui

Profile Image

CMA Arif Farooqui (Expert)
27 May 2010 no this transfer will not result in withdrawal of exemption u/s 54 coz of Sec 47 (iii)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details