Is ownership of house property necessary to claim exemption u/s 54ec?
Abhinav (B.Com) (29 Points)
04 June 2016Abhinav (B.Com) (29 Points)
04 June 2016
Ruchi
(CA)
(1410 Points)
Replied 04 June 2016
The very fact that you have to enter into an agreement to let your sister get selling rights on the property means that you rightfully had the rights over the property originally.
If the agreement says that you are transferring the property in your sister's name subject to the condition that she shall give you your share of sale proceeds then definitely it is not a gift.
Hence you are eligible for exemption and you did acquire the property.
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 04 June 2016
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