Hi! I had purchased a residential floor in June. 2009 in my name and sold it on Dec,13. After sold I purchased a new residential floor in my wife in Feb, 14 (on loan in which i have taken joint loan). Pls tell me can i get benefit of sec 54 of income tax.
Menu
Long term capital gain u/s 54
Replies (3)
yes you are eligible for benefit of sec 54. also intt. on housing loan and principal repayment can be claimed u/s 24b and 80c respectively by the person who repays emi, i.e. either you or your wife.
Yes, you may claim exemption from LTCG u/s 54.
The law does not require that the new residential house should be registered in your name. It only requires that you should have purchased/constructed it. Even if the purchase or construction is completed only in part you can still claim tax exemption under section 54.
Similarly if you just purchase share in the house you are residing in, say which is owned by your spouse, this would also qualify for exemption under section 54.
Recent Topics :
- Rule 86(B) Applicability
- ROC FILINGS FY2025-26
- Mismatch in 26AS
- How Can a Trader Utilise Approximately ₹1.20
- How Can Law Students Present Papers at Conferences
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
Related Topics :
CAclubindia
