About Long term capital gain

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padam singhvi (Querist)
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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

Srikant

Srikant (Expert)
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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.