Yes, you may be eligible to claim the exemption under Section 54 if you used the proceeds from the sale of a residential property to buy a house for both yourself and your wife. What is material is the investment of the sale consideration in acquiring the residential premises or constructing a residential premises. Once the sale consideration is invested in the above manner, the taxpayer would be entitled to the benefit conferred on him under this provision.
I used the money from the sale of a residential property to buy a new house for my wife and me. Can I claim the exemption under Section 54?
Comments
0 comments
Please sign in to leave a comment.