Capital gains exemption under section 54f after gifting hous

Ajit (Others) (36 Points)

01 January 2017  

I own a house and an apartment. I am now selling a plot of land. I want to transfer my apartment to my wife as a gift before selling the plot, so that I can invest the sale proceeds of the plot in another apartment or house to get exemption under section 54F. Is it allowed under income tax rules? Section 27 applies only to income from gifted property.