Legal Question in Civil Rights Law in India
This is with reference to selling of own house and consequent capital gain tax. After selling my house can I buy a similar property in the joint names of spouse and daughter. It is said by my friends that from the sale proceeds of the house I will have to buy another property in my name only to save capital gain tax whereas I want to buy the same in the joint names as stated above. If i do that whether in that case also I will be entitled for the capital gain/loss? Please guide.
Asked on 7/22/16, 10:23 pm
1 Answer from Attorneys
Dr Katta Venkata Rama Krishna
Drkattavrk
Sec. 54 clearly says that if the assessee is owner of the property, he is entitled to exemption even if the new property purchased is in the name of his wife but the same is assessed in the hands of the assessee. [CIT v. V. Natarajan 154 Taxman 399 (Mad.) [2006]
Answered on 7/23/16, 12:57 am
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