Gift after claiming capital gain exemption

One of my client gifted his newly purchased house property to his wife within two months of claiming capital gain tax exemption. for clear understanding I'm illustrating the facts

One Mr. Kiran claimed capital gain tax exemption in the financial year 21-22, and in 22-23 he has gifted his newly purchased property to his wife. now the query is whether capital gain exemption claimed is chargeable to tax or not
Replies (6)
Quick Summary
A client claimed capital gains tax exemption in FY 21-22 and subsequently gifted the newly purchased property to his wife in September 2022. The query is whether this gift impacts the previously claimed exemption. Initial advice suggests the exemption remains valid as gifting to a spouse is considered a blood relation and generally exempt. The discussion seeks clarification and potential case law regarding gifts made during the holding period of the asset.

No not chargeable to tax.
Respected sir,
My query is as follows

One Mr. Kiran claimed capital gain tax exemption in the year 21-22, and subsequently gifted the new asset purchased (based on which capital gain tax exemption is claimed) to his wife in the month of September 2022 . Now he wants to know whether claimed exemption will be reversed/effected by this gift deed

Events date wise

Sale of old house : 05.10.2021
Purchase of new house : 18.07.2022
ITR filed within due date : 31.07.2022
Gift of new house : 01.09.2022


Thanks and Regards
Goutham Babu P V
Advocate
Gift to his wife it's blood relation. So it's exempted.
Any case laws on the point that during the holding period gift can be made ?
Case laws are there certainly.
Can u provide anyone landmark case law/citation sir Plz

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