Exemption u/s 54F of Income Tax Act

CA. Vipul V. Garg (Chartered Accountant) (67 Points)

03 April 2010  

Hello Everyone,

I want to know that if any person has sold his plot of land in any previous year and claims exemption u/s 54F and than invest the amount in time limits prescribed u/s 54 in any other new plot of land property in name of his Wife then will the exemption be allowed on it or  not. Moreover if that individual shows that he has gifted the property to his wife then what will be the tax treatment in  the hands of Husband and wife. Please solve my query. If there is any Reference Case Law or Section or any Ruling then please do quote that also I'll Be highly obliged to you.

Thanks And Regards.