Exemption u/s 54.
vikas jain (fff) (26 Points)
20 June 2014vikas jain (fff) (26 Points)
20 June 2014
JAINENDRA JAIN
(ACS/CA)
(1668 Points)
Replied 20 June 2014
spouse and assessee are not the different parties.
property can be constructed in spouse name and exemption can be claimed u/s 54.
what the act requiers is the LTCG Remains invested for appreciation.
moreover spouse will also remain in that constructed property.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 20 June 2014
C.A Chethan Acharya
(Finance)
(44 Points)
Replied 20 June 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 June 2014
Yes, assessee can purchase a property in the name of spouse and claim exemption.
CA Ramsai N
(Fresher)
(594 Points)
Replied 21 June 2014
Yes. Re case Shri Kamal Wahal, Vs. Assistant Commissioner of 73:: The case talks about section 54F but the same can be opted for Section 54 as well.
CA Saroj Kumar
(Keen to learn something new every moments)
(2588 Points)
Replied 21 June 2014
jyoti sharma
(student)
(22 Points)
Replied 22 June 2014