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Capital gain-sec 54
Whether Long term capital gain on sale of property is exempt under sec 54,in the case were new property is being purchased by an individual in his/her spouse name-with reference to a case law.All the other conditions of sec 54 being satisfied.
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| Originally posted by : Sanju.P | ||
 |
Whether Long term capital gain on sale of property is exempt under sec 54,in the case were new property is being purchased by an individual in his/her spouse name-with reference to a case law.All the other conditions of sec 54 being satisfied. |  |
Where an assessee who owned a house property, sold the same and purchased another property in the name of his wife, exemption under section 54 shall be allowable
.
[CIT v V. Natarajan (2006) 154 Taxman 399 (Mad)]
Thanks for your reply.
If the assessee purchases HP in wife's name but with his own money, i.e. consideration for HP is paid by assessee himself, then only he will get exemption u/s 54.
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