Dear all,
Long term capital gain from property can be invest by spouse for exemption u/s 54
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.
NEED TO APPLY COMMON SENSE.
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 ....
CAclubindia
