Property sold
This query is : Resolved
12 November 2013
Dear sir
In a last month my father has sold our one plot(land) on his own namefor rs 800000.and purchase one flat on my mother name for rs 1050000.kindly suggest me he can do the same?
12 November 2013
yes, he can do same, and can claim exemption from capital gain , CIT v KAMAL WAHAL (2013) Delhi highcourt,
Exemption can not be denied only on ground of property is purchased on name of wife.
Exemption can not be denied only on ground of property is purchased on name of wife.
12 November 2013
Vivek is right that such investment shall be allowed for claiming deduction under 54/54F. However, there have been cases wherein such investments were disallowed.
For eg in case of ITO v. Shri Niranjan Singh Bajaj, ITA No. 2040/Mum./2006 (mum ITAT)
therefore, before taking any position it would be advisable to go through both: the judgments in the favor and against the assessee. Also, see if the jurisdictional High Court has given any favorable judgment or not because this issue has normally been handled by different high courts and therefore it is important the High Court in your state has taken positive view on this issue.
For eg in case of ITO v. Shri Niranjan Singh Bajaj, ITA No. 2040/Mum./2006 (mum ITAT)
therefore, before taking any position it would be advisable to go through both: the judgments in the favor and against the assessee. Also, see if the jurisdictional High Court has given any favorable judgment or not because this issue has normally been handled by different high courts and therefore it is important the High Court in your state has taken positive view on this issue.
12 November 2013
Agree with Expert,
Deduction U/S 54F shall be allowed...
Deduction U/S 54F shall be allowed...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Bogus purchase treatment for it act gst dealer
- Gst input for FY 23-24
- Company registration : Rental agreement or NOC?
- Company Incorporation - CA and directors signing from different states
- Filing of Form 10BB instead of Filing Form 10B
- HSN Details in IFF/GSTR-1 & in GSTR 9
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
