Mr. A has LTCG of Rs. 30 Lakh. He has invested this money for purchase of Residential House in the name of his wife.
ankur (ca student) (33 Points)
17 June 2010Mr. A has LTCG of Rs. 30 Lakh. He has invested this money for purchase of Residential House in the name of his wife.
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 17 June 2010
by reading the sectiion wordings .... The husband should be eligible for the exemption though wife can not.
CA Mohit Agrawal
(Chartered Accountant)
(371 Points)
Replied 17 June 2010
yes if property purchased in name of wife than exemption cannot be claimed.
radhika rawat
(student)
(93 Points)
Replied 26 August 2010
exemption can be claimed if the new house is transfered with in a period of 3 yrs from the date of purchase
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 26 August 2010
Hi Dear,
No, he will not eligible for benefit of section 54F if the amount invested in residenaial property in the name of his wife.
regards,
Manoj
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