Capital gains

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2011 Assessee purchase the property so as to claim the exemption u/s54, for the sale of her property, but in the sale deed she included her husband, name, but the entire payment was made by her only.

pl clarify her claim will sustain or not

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 January 2011 Claim would be allowable.

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2011 Thnak you very much sir, could you please site some case laws with regard to his situation, that will be helpful in solving the case.

Thanks

Upgrade to CAclubindia Pro. Subscribe Now!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

04 January 2011 You have to prove that capital gains proceeds have been invested in the new house property and the other name is there for name sake only and not contribution has been made on his part. There is no need for any case law in this. Go by the facts and the claim would be allowable.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2011 Sir, thank you very much for ur reply, but the asst. order is passed u/s 143 (3) of the IT Act, now we have to make an appeal for that I need the relevant case laws.

Thanks