Capital gain-sec 54

Originally posted by : Sanju.P
	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
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[CIT v V. Natarajan (2006) 154 Taxman 399 (Mad)]

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.