deduction u/s 54

This query is : Open

Pradip (Querist)
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02 December 2010 Mr. X - Owner of Residential House Property since 1981-82 gifted the said property to Mrs. X in 2002-03. This house property is proposed to be sold in 2010-11.

Please, assume that all other condition of section 54 are fulfilled.

In whose name Cap. Gain would be taxed ?
For Claiming Exemption u/s. 54 how & in whose name Investment in new Residential House Property should be made ?

Shall it do if new investment (Residential House Property) is made by Mrs. X only because sales proceeds will be received by Mrs. X ?

Deduction u/s.54 is to be claimed by Mr X & we do not want to add Mr X's name in the new property. Is it possible ?

NITIN SHARMA

NITIN SHARMA (Expert)
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06 December 2010 First of all make it clear weather the gift was given by mr. x to mrs.x was through the registerd transfer or by way of only gift deed. this is ery important to decide the legal ownership of that property.