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?

CA Navin Jain

CA Navin Jain (Expert)
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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.

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