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.
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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.
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