Dear all,
Long term capital gain from property can be invest by spouse for exemption u/s 54
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Deduction us 54
Replies (8)
Quick Summary
Long term Capital gain from property sale.
Invest in capital gain bonds or purchase a new house within six months of such purchase. Construct a new house property.
Invest in capital gain bonds or purchase a new house within six months of such purchase. Construct a new house property.
Can be invest by spouse
FOR DEDUCTION U/S. 54 THE NAME OF THE SELLER SHOULD BE THERE IN NEW PURCHASE, BE IT JOINT PURCHASE; WITH THE INVESTMENT FROM THE SELLER'S ACCOUNT.
There is no indication as to the ownership of the property by the querist.
NEED TO APPLY COMMON SENSE.
Yes my question is, if capital gain arise to husband for property sale then his wife purchase the property. can her husband take the benefit of 54
Common sense in Accounts and taxation is not allowed . Since its a general discussion forum it cannot be allowed.
My reply is based on your query .... "There is no indication as to the ownership of the property by the querist."
It is simple understanding based on word SPOUSE.... It is not related to Accounts or Taxation, but common language.
Well, sorry if I have hurt you in anyway. My intention was to make you more serious to understand any query. Getting just points will not help in understanding the act or subject, or getting practical approach to any query.
That is the advantage of this FORUM, It is good platform to discuss any problem with open heart and not to evaluate anybody's IQ.
Good Luck ....
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