Regarding exemption u/s 54

Share This Thread
  1. Nageswar7796

    Nageswar7796 New Member

    Can exemption be availed where capital gains arising from sale of a residential property are reinvested in another residential property IN THE NAME OF SPOUSE.
  2. ZED

    ZED Well-Known Member

    Yes, you may refer the following judgements. Some of the judgements also tells about exemption if the property is purchased in name of daughter.

    [Purchasing a transaction in benami mode can have several impacts, like several judgements have held that in such cases, the real owner should be assessable to the income from the property (eg CIT Vs Hasina Begum)

    DIT (International Taxation) Vs. Mrs. Jennifer Bhide
    Shirish Vinayak Godbole Vs. ITO (ITAT Pune)
    JCIT v. Smt. Armeda K. Bhaya, 95 ITD 313 (Mum.)
    CIT Vs. Gurnam Singh, (2014) 327 ITR 278
    CIT Vs. Podar Cements (P) Ltd. & Ors., (1997) 226 ITR 625 (SC) [Concept of constructive ownership was accepted by the Supreme Court]
    Commissioner Of Income Tax-Xii vs Shri Kamal Wahal []
    CIT v. Ravindra Kumar Arora [Joint Ownership]
    Judgements also from P&H and Madras HC
    Nageswar7796 likes this.
Draft saved Draft deleted
Similar Threads Forum Date
Regarding LTA Exemption Income Tax Mar 19, 2018
Regarding Income tax exemption Income Tax Mar 2, 2017
Regarding House loan tax exemption Income Tax Feb 9, 2017
Regarding Exemption u/s 54 or 54F Income Tax Jul 24, 2016