Exemption u/s 54f
This query is : Resolved
24 September 2013
Hello Everyone
I need you advice on one of the case.
One of my assessee has sold his house property in FY 2012-13 which was held in his name earning capital gain of Rs. 24,00,000/- and purchase a new house property in the name of His Wife at a value of 30,00,000/-, the whole 24,00,000/- capital gain was invested in this property and the remaining amount was paid by Husband and wife both half half. Will this capital gain be exempted U/s 54F in the hands of the assessee.
I need you advice on one of the case.
One of my assessee has sold his house property in FY 2012-13 which was held in his name earning capital gain of Rs. 24,00,000/- and purchase a new house property in the name of His Wife at a value of 30,00,000/-, the whole 24,00,000/- capital gain was invested in this property and the remaining amount was paid by Husband and wife both half half. Will this capital gain be exempted U/s 54F in the hands of the assessee.
24 September 2013
See if these caselaws help ur case.
(1) CIT v. V. Natrajan, 287 ITR 271 (Mad.)
(2) ITO v. Smt. Saraswati Ramanathan, 116 ITD 234 (Del.)
(3) JCIT v. Smt. Armeda K. Bhaya, 95 ITD 313 (Mum.)
(1) CIT v. V. Natrajan, 287 ITR 271 (Mad.)
(2) ITO v. Smt. Saraswati Ramanathan, 116 ITD 234 (Del.)
(3) JCIT v. Smt. Armeda K. Bhaya, 95 ITD 313 (Mum.)
24 September 2013
Sir
I have already gone through these case laws including the latest case law of Kamal Wahal.
But I am not able to make the decision whether we can claim the exemotion or not.
Please suggest on the same whether we can claim the exemption.
I have already gone through these case laws including the latest case law of Kamal Wahal.
But I am not able to make the decision whether we can claim the exemotion or not.
Please suggest on the same whether we can claim the exemption.
24 September 2013
Sir
I have already gone through these case laws including the latest case law of Kamal Wahal.
But I am not able to make the decision whether we can claim the exemotion or not.
Please suggest on the same whether we can claim the exemption.
I have already gone through these case laws including the latest case law of Kamal Wahal.
But I am not able to make the decision whether we can claim the exemotion or not.
Please suggest on the same whether we can claim the exemption.
24 September 2013
Hi deepanshu,
Why dont you prepare a case summary and summary of judgements in favor and against you.
Share the same with me. Then we can discuss the strength of ur case.
please note that in past few years, judiciary has reversed its earlier liberal stand and has disallowed several such claims. Therefore as an advisor you need to exercise abundant caution in such cases.
Why dont you prepare a case summary and summary of judgements in favor and against you.
Share the same with me. Then we can discuss the strength of ur case.
please note that in past few years, judiciary has reversed its earlier liberal stand and has disallowed several such claims. Therefore as an advisor you need to exercise abundant caution in such cases.
24 September 2013
You can't claim exemption U/S Section 54F in this case,
Section 54F says that "the capital gain arises from the transfer of any long-term capital asset, not being a residential house".
However, you can claim exemption U/S 54,
The whole 24,00,000 will be exempt if the whole Capital gain amount invested in purchase of a new House Property..
Section 54F says that "the capital gain arises from the transfer of any long-term capital asset, not being a residential house".
However, you can claim exemption U/S 54,
The whole 24,00,000 will be exempt if the whole Capital gain amount invested in purchase of a new House Property..
24 September 2013
Aryan. Yes 54f wont apply to this case. But we are discussing here is whether exemption u/s 54 will be allowed if the house is bought in wife's name
04 October 2013
Claim the exemption u/s 54 and show the entire amount invested by you in your assets it will be allowed. Here your wife will be a benamidar for you but once you have reflected the amount of 24 + whatever investment you have made in your Balance Sheet then the benefit will be allowed to you.
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