Capital Gains Exemption by investing in Wife's Name

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  1. ashwani shroff

    ashwani shroff New Member

    can i purchase a property in wife name from capital gain amount and avail same benefit.i sold a piece of agricultural land and can i buy residential property in wife name
     
  2. rudrabose

    rudrabose Active Member

    To claim exemption, the Capital Gains arising from the sale of Land should be reinvested in your name itself and not in your wife's name.
     
  3. ashwani shroff

    ashwani shroff New Member

    thanks Mr bose.last night i was watching tax guru by Mr lakhtokia,it said one can buy in spouse name also
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    There is a lot of controversy with respect to whether you can invest in wife's name or not. There is no clarity on this aspect on whether you can invest in wife's name and claim exemption or not.

    Although some CA's say that you can invest - but a majority of the CA's advise not to do so. The reason why most of the CA's will advise you not to invest in wife's name is that their is a very strong probability that the Income Tax Officer may disapprove this exemption.

    Therefore to be on the safer side, most of the CA's advise not to invest in wife's name when you can invest in your name.
     
  5. P H KRISHNAN

    P H KRISHNAN New Member

    am a retired senior citizen. I have sold my flat ( only my name ). My question is whether I can invest the capital exempted amount in bank FD or any other instrument in joint name with first name as my wife.
     
  6. P H KRISHNAN

    P H KRISHNAN New Member

    am a retired senior citizen. I have sold my flat ( only my name ). My question is whether I can invest the capital exempted amount in bank FD or any other instrument in joint name with first name as my wife.
     
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