28 August 2012
when wife sells her share of 50% in house property to his husband(who is already holding 50% share)-- then whether this shall be considered as sale of right OR transfer of house property??
Actually, wife wants to claim exemption u/s 54 for purchase of new House property by selling her share in this House Property. Pl advice whether this can be done? Urgent. Please reply as soon as possible.
28 August 2012
I agree u are correct.Gift to a specified relative is exempt and benefit of indexation shall also be available from the date of purchase by the previous owner. But clubbing provision shall apply and income on such property shall still be taxable in the hands of transferor..
Further i want answer to my first question "wife sells her share in house property to husband then--it shall be 'Transfer of house property' or 'sale of rights'????
07 October 2021
In case of sell of part of house to co-owner, it will be treated as sell transfer only, and hence will be entitled for sec. 54 benefit.
CAclubindia
