Exemption - Long term capital gain

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..... Exemption - Long term capital gain
Query (Issue) Started By: - baldev pathania Dated:- 24-7-2008 Last Reply Date:- 16-4-2010 Income Tax
Got 3 Replies
Income Tax
assessee sold house property for rs 25lacs and earned long term capital gain of rs 14 lacs and invested rs 16 lacs in new house property in the name of his wife .in his books of accounts he showed this investmentas purchaseof .....

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..... new house. Whether this investment qualifyfor exemption of long term capital gain. Reply By Surender Gupta: The Reply: Yes, there is no conditin in the provisions of section 54 that new house should be registered in the name of assessee. It is sufficient that assessee has purchased new house. You shall be entitled to claim exemption even if this house is registered in the name of his wife. Reply .....

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..... By CA GOPAL JI AGRAWAL: The Reply: Yes, agreed with the view of Surender Ji. Benami Transaction Act exempt this relation. Reply By Surender Gupta: The Reply: In additions to the submission earlier, it is submitted that, under section 54F, investment in the name of legal heir was denied by the Bombay High Court in the matter of PRAKASH (by legal heir of assessee) Versus ITO & CIT AND OTHERS [2009 - .....

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..... TMI - 33351 - BOMBAY HIGH COURT] on the other hand, in respect of exemption under section 54, the exemption was granted by the ANDHRA PRADESH High Court in the matter of, Late Mir Gulam Ali Khan (by Legal Representative Mrs. Noor Begum Versus Commissioner Of Income-Tax [2008 -TMI - 25937 - ANDHRA PRADESH High Court]
Discussion Forum - Knowledge Sharing .....

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