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
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
Related Questions & Answers
-
My dady age 55 our sister age 70 my aunty is going to court she need property to... Asked 7/21/16, 11:55 pm in India Civil Rights Law
-
Dear sir once case was disposed we are appeal to court how many days will go to... Asked 7/21/16, 6:58 pm in India Civil Rights Law
-
I am from mumbai... sir my father is expire ... after that my cousin brother ..... Asked 7/21/16, 1:01 pm in India Civil Rights Law
-
Dear sir my aunty was want to share our property she is my dady sister her age was... Asked 7/21/16, 10:16 am in India Civil Rights Law
-
Dear sir my aunty was want to share our property she is my dady sister her age was... Asked 7/21/16, 10:14 am in India Civil Rights Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
