Capital Gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 November 2010
Dear Sir,
An assessee sold his house property in the current year. The capital gains are required to be invested in new house to claim benefit u/s 54. Is it possible that new house is taken on his daughter's name, still will he get the exemption? What if he pays the down payment for the daughter's flat out of that capital gain, will he get the exemption for downpayment paid u/s 54.
If not what is the other way out for saving of capital gains tax?
An assessee sold his house property in the current year. The capital gains are required to be invested in new house to claim benefit u/s 54. Is it possible that new house is taken on his daughter's name, still will he get the exemption? What if he pays the down payment for the daughter's flat out of that capital gain, will he get the exemption for downpayment paid u/s 54.
If not what is the other way out for saving of capital gains tax?
CA Navin Jain
(Expert)
29 November 2010
You can not take the benefit of capital gain if you have purchased the house in the name of daughter.
you can purchased the house in the name of assessee then gifted to daughter.
you can also invested capital gain amount in infrastructure bond.
you can purchased the house in the name of assessee then gifted to daughter.
you can also invested capital gain amount in infrastructure bond.
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