Long term capital gain

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Manoj Kumar Karna (Querist)
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25 February 2012 My Cleint had sold residential house in F.Y.2006-2007(A.Y-2007-2008)which was in joint name with his wife and He had taken expemtion U/s 54 by booking of residential Flat in joint name. Now during the current year, He wants to get regsitration the said flat with Audthority in wife name only beacuse stamp duty on said flat is 1% lesser in the case of women.is there any violation of Section 54?.

Thanks in advance
Manoj

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 February 2012 If he can substantiate that the amount has been invested in the required manner, Registration in the only name of his wife, does not disqualify him from exemption U/s 54. He can do so.
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