Long term capital gain exemption u/s 54 of I.T.Act

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..... Long term capital gain exemption u/s 54 of I.T.Act
Query (Issue) Started By: - SANJAY BAHETI Dated:- 23-2-2013 Last Reply Date:- 27-2-2013 Income Tax
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Income Tax
Dear Experts, .....

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..... One of My client being an Individual Lady has purchased a Residential House property (i.e. Tenament) in her name in the Year 2005. Now She wants to sell/dispose the said House in the Current F.Y. & .....

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..... whatever the long perm capital gain arises therefrom is likely to be fully utilized towards purchase of New Residential Bungalow in joint name with her husband. Now query is whether she can claim th .....

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..... e said long term capital gain as exempted u/s 54 of IT Act even though the new house property will be in joint name with her husband by investing equally amount either fully or proportionately. Repl .....

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..... y By sanjeev bajaj: The Reply: Yes, the benefit can be claimed u/s 54 even though bought jointly but ehe amount of capital gain must be invested.
Discussion Forum - Knowledge Sharing .....

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