54 exemtion rule

I guess no ,  person must be the same who is selling the property and then again re-investing in property  to exempt the capital gain tax under rule 54

One will get exemption u/s 54 only if the house is purchased in the name of seller. You can refer to the Delhi High Court ruling in Vipin Malik v.CIT (2011) 330 ITR 309 even though it relates to S.54F.

K.T.Antony FCA

Such person will not be eligible to get tax exemption u/s54 because the person is not same in whose hands capital gain has arisen and the person who purchased the property.

the person should be the owner of property for claiming exemption u/s 54. hence the person can not claim exemption for spouse owned property

Mr. Ranjeet Singh,

It seems that  assessee should be owner of the new house but intention of law is not like that. Assessee is eligible for claiming deduction u/s 54 even the new house is in the name of spouse. I support my answer with below mentioned case law.

CIT vs V. Natarajan(2006)154 Taxman 399 (Mad).

The case law (Vipin Malik v.CIT (2011) 330 ITR309) mentioned by Mr. Antony is related to the section 54F. And in section 54f there is requirement that the new house should be in the name of assessee.

But section 54 does not have such requirement.

I hope this will help you.

Thanx 

CA Anubhav Vishnoi

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