06 August 2009
a house is sold by husband and another house is purchased within 3 years in the name of wife . who will claim the benefit of exemption u/s 54
06 August 2009
Where an asessee sold out his house property which is owned by him and purchased a neww property in wife's name exemption shall be allowable by virtue of the deceision in
CIT Vs.V.Natarajan (2006) 154 Taxman 399 (Mad).
Try to equate your case with this decision since the act is silent in the matter of ownership of the new asset purchased. However, one of the conditions, which is clear, is that the new asset should be purchased with in a period of two years, and not three years, from the date of sale of the original asset.
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