22 February 2020
MY CLIENT HAS SOLD A HOUSE PROPERTY IN FY 2018-19 AND PURCHASED A NEW HOUSE IMMEDIATELY. SO WE HAVE CLAIMED EXEMPTION U/S 54. BUT WITHIN 1 YEAR HE HAS GIFTED THE NEW HOUSE TO HIS DAUGHTER. IS GIFT TO BE TREATED AS SAME AS SALE OR OTHERWISE..?
22 February 2020
Capital gains attracts meaning thereby exemption u/s 54 will be forfeited since the word used is' TRANSFER' in section 54(1)(i) and (ii) and not 'SALE' as u said.
CAclubindia
