Hi,
1. My wife has a self occupied house in Bangalore, and she intends to buy one more house with capital gains that has been realised this financial year 2014-15. Will the latest amendment in the tax laws stating that the exemption is for only ONE HOUSE, Is it that from this financial year onwards it is ONE House or if she has already an owner of a residential house, will she get or not get the exemption for this FY 2014-15.
2. If i have gifted one house property to my wife (I am the deemed owner), and she sells that house property, can she invest in capital gains 54EC bonds and claim 50lac exemption. I am also taking that exemption this financial year from one more house property. Together we propose to take 100 lac exemption. Will the deemed owner status affect the investment in 54ec bonds or it is only for the INCOME derived only
CAclubindia
