Mr. X - Owner of Residential House Property since 1981-82 gifted the said property to Mrs. X in 2002-03. This house property is proposed to be sold in 2010-11.
Please, assume that all other condition of section 54 are fulfilled.
In whose name Cap. Gain would be taxed ?
For Claiming Exemption u/s. 54 how & in whose name Investment in new Residential House Property should be made ?
Shall it do if new investment (Residential House Property) is made by Mrs. X only because sales proceeds will be received by Mrs. X ?
Deduction u/s.54 is to be claimed by Mr X & we do not want to add Mr X's name in the new property. Is it possible ?
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