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Invest in spouse or child's name to avail of exemption, say analysts

Both Sections 54 and 54F allow taxpayers to claim exemption from tax on long-term capital gains

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Invest the entire sale consideration net of expenses towards purchasing a residential property.

Bindisha Sarang
The Income-Tax Appellate Tribunal (ITAT) Jaipur last week allowed exemption under Section 54F of the Income-Tax (I-T) Act on a residential house property purchased in the wife’s name. Last month, in another ruling, a similar exemption was granted by ITAT Bengaluru on the purchase of a residential house in the daughter’s name.
 
Vivek Jalan of Tax Connect Advisory Services LLP, a multidisciplinary consulting firm, says, “If you have made capital gains, you can avail of exemptions under Sections 54 and 54F by investing the capital gains in a new house property, subject to conditions. One condition is that the

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