Exemption u/s 54

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2011 Dear Experts
A person sold a residential house and wants to invest more than the amount of capital gain in another residential house for benefit u/s 54. My query is :
Can he purchase another residential house in joint name with his wife. First name will be of wife or
he has to purchase the house in his own name only.
Thanks in advance

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 June 2011 Property can be purchased in joint name also. But the share of joint should be made known clearly so that there is no problem in claim of exemption u/s 54.