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.
Menu
Exemption u/s 54F of Income Tax Act
Replies (1)
Boss...
Regards to above Referring to 54F, The new asset is to bee Invested in the Residential house but not Plot, but still there is a conflict that with out purchasing the land we cant construct the house.... so in my view exemption is allowable....
And refering to the Registration , It should be on u r name or By u and u r spouse. But your Spouse alone is registered then 54 F is not applicable to u and irrespective of investment taxable to u...
And again coming to the part of Gifting the asset to u Spouse, First it should be registered in u r name,
and Sec 56(2)(vii) is not applicable as it is between the relatives.
Recent Topic
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
Related Topics
CAclubindia
