Sections 54 and 54F of the Income Tax Act provide for exemption from capital gains on the transfer of long-term capital assets, being, a residential house or any other long-term capital asset.
It was held by Hon’ble Madras High Court that if the assessee is the owner of the property and the capital gain on the sale of the property is assessed in the hands of the assessee, he is entitled to exemption under section 54, irrespective of the fact that the property is purchased in the name of his wife.

Case Law related to the video -
Bombay High Court in the case of CIT vs. Kamal Wahal, 351 ITR 4
CIT vs. Ravinder Kumar Arora, 342 ITR 38 (Delhi-HC)
ITA. No. 191/JP/2021 ITAT Jaipur

CA Rahul Agarwal
Have Any Queries - ONLY Whatsapp - 9571243669

Disclaimer:
The Video Content is available for informational and educational purposes only. Copyright Disclaimer under section 107 of the Copyright Act of 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, education and research. Fair use is a use permitted by copyright statute that might.

свернуть