Query regarding sec 54f of it act

Jag Mohan (Retired Finance Professional)   (41 Points)

20 February 2019  

My Son holds a plot in Gurgaon that he had bought many years ago. He also owns 2 built up flats. We have an HUF separately assessed to tax and the HUF holds no built up flat or house.

I intend to transfer the plot in my Son’s name to the HUF through a Transfer deed (no stamp duty is payable in Gurgaon for transfers within the family) and then sell it with the objective to reinvest the capital gains (substantial) into a built up property.

The idea of above is tax planning to come within the boundaries of Sec 54F.

Is this right and workable in your view?