EXEMPTION UNDER 54F BY PURCHASING NEW ASSET JOINTLY

KALPESH JOSHI (215 Points)

31 October 2021  

Hello,
 I, my brother and my mother sold our ancestral agricultural land (which comes under the urban zone now). and to save capital gain tax wish to invest in the purchase of a residential house under 54F. 
Can we avail exemption under 54F if we jointly purchase a residential flat/house (under construction) by investing net sale consideration into it (1/3th proportionate share in buying a residential house)
As we do not have any residential house in our name, the self-occupied house, is in my father's name & he died in 2020 but the title owner has not changed yet.