Sanju.P (CA Practice ) (111 Points)
03 January 2014
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 January 2014
| Originally posted by : Sanju.P | ||
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Whether Long term capital gain on sale of property is exempt under sec 54,in the case were new property is being purchased by an individual in his/her spouse name-with reference to a case law.All the other conditions of sec 54 being satisfied. |  |
Where an assessee who owned a house property, sold the same and purchased another property in the name of his wife, exemption under section 54 shall be allowable
.
[CIT v V. Natarajan (2006) 154 Taxman 399 (Mad)]
Fenil Shah
(Audit & Tax Executive)
(402 Points)
Replied 03 January 2014
If the assessee purchases HP in wife's name but with his own money, i.e. consideration for HP is paid by assessee himself, then only he will get exemption u/s 54.
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