06 July 2016
Sir, I have purchased a residential flat in 2006 in joint name along with my wife. I have sold the flat in 2016 and invested entire sale amount in new flat and it is registered in single name of me without adding wife name. Am I eligible for exemption of capital gains under sec 54. pl advise. Prakash
07 July 2016
IF IT CAN BE PROVED THAT THE FLAT WAS PURCHASED FROM YOUR INCOME AND YOUR WIFE WAS MERELY A NAME LENDER. OTHERWISE YOUR WIFE HAS TO BEAR 50% CAPITAL GAIN TAX.
CAclubindia
