A person sold a property and to avail exemption under section 54, he has to purchase/construct another property. he has already entered into agreement for purchase of a flat in the name of his wife. can exemption be availed by him u/s.54 treating this as an investment in property??
3 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 24 March 2011
to avail sec 54 benefit the person has to own the new property in his name only.
CA Saiyum khan
(Practicing CA)
(690 Points)
Replied 24 March 2011
The agreeement in the name of wife should be cancelled and new contract in the name of the person seeking exemption u/s 54 shall be execited to claim the exemption.
(Guest)
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Originally posted by : saiyumkhan |
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Agreed.. with CA.Sayumkhan... |
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