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Exemption u/s 54.
Friends, i have a doubt as to whether the exemption u/s 54 of the Income Tax Act will be available to an assessee even if the new residential property acquired / constructed by him is in the name of his spouse? Kindly throw some light upon this... thanks
Replies (7)
spouse and assessee are not the different parties.
property can be constructed in spouse name and exemption can be claimed u/s 54.
what the act requiers is the LTCG Remains invested for appreciation.
moreover spouse will also remain in that constructed property.
yes he is eligible for exemption of sec. 54 subject to condition that payment has been made by him for the property purchased.
If it is in the joint name of husband and wife then assessee can claim full amount. High Court also had same view.
I doubt if it is in the name of spouse.
Yes, assessee can purchase a property in the name of spouse and claim exemption.
Yes. Re case Shri Kamal Wahal, Vs. Assistant Commissioner of 73:: The case talks about section 54F but the same can be opted for Section 54 as well.
the section 54f does put bar resctriction on name invest ment in name of assessee....so hae can do so and take benefit of such.
He can claim u/s 54
it doesn't affect whichever name property.
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