09 July 2010
A person sold his commercial property in f.y. 10-11, which is purchase in F.Y.1990-91, LTCG arrising out of this he invested whole amount in Resdential house . Further I want to know he has already 1 resdential house in which 50% share of his wife. And LTCG arrising out of commercial property he invested in his own house by purchasing 50% share of his wife. finally will became 100% owner of his house . can he do it? plz reply as soon as possible
09 July 2010
50% sharing of wife ( without an agreement to live apart) has nothing to do here unless the wife claims the same benefit in her individual tax computations.
Second Your proposal can be accepted in a circumstance where the property is registered in both names (Husband and Wife) with 50 % sharing as joint owners........and clubbing provision is not applicable to them on account of their existence of relationship.
CAclubindia
