03 March 2010
One of my client sold 2 residential properties during year 2008-09. One was used by him for residential purposes and the second was used by brother in which both of brothers are equal share. Capital gain is arised in both transactions. out of the sale proceed of the both properties he bought a new residential property that he got registered in the name of his wife in order to save stamp paper duty. Pls suggest tax liability and Tax saving options? Can he enjoy deduction u/s 54 in respect of property registered in the name of his wife?
CAclubindia
