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Deduction us 54

prince goel (student) (66 Points)

13 December 2021

Dear all,

Long term capital gain from property can be invest by spouse for exemption u/s 54

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8 Replies

sabyasachi mukherjee (27579 Points)
Replied 14 December 2021

Long term Capital gain from property sale.
Invest in capital gain bonds or purchase a new house within six months of such purchase. Construct a new house property.

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prince goel (student) (66 Points)
Replied 14 December 2021

Can be invest by spouse

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 14 December 2021

FOR DEDUCTION U/S. 54 THE NAME OF THE SELLER SHOULD BE THERE IN NEW PURCHASE, BE IT JOINT PURCHASE; WITH THE INVESTMENT FROM THE SELLER'S ACCOUNT.

sabyasachi mukherjee (27579 Points)
Replied 14 December 2021

There is no indication as to the ownership of the property by the querist.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 14 December 2021

NEED TO APPLY COMMON SENSE.

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prince goel (student) (66 Points)
Replied 14 December 2021

Yes my question is, if capital gain arise to husband for property sale then his wife purchase the property. can her husband take the benefit of 54

sabyasachi mukherjee (27579 Points)
Replied 14 December 2021

Common sense in Accounts and taxation is not allowed . Since its a general discussion forum it cannot be allowed.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 14 December 2021

My reply is based on your query .... "There is no indication as to the ownership of the property by the querist."

It is simple understanding based on word SPOUSE.... It is not related to Accounts or Taxation, but common language.

Well, sorry if I have hurt you in anyway. My intention was to make you more serious to understand any query. Getting just points will not help in understanding the act or subject, or getting practical approach to any query.

That is the advantage of this FORUM, It is good platform to discuss any problem with open heart and not to evaluate anybody's IQ.

Good Luck ....