My father sold the land in his own name. Now I want to invest that money in purchase of land in my name. Can I get the exemption??? Please help me..
Sivaprasad.M (Chartered Accountant) (83 Points)
15 January 2014My father sold the land in his own name. Now I want to invest that money in purchase of land in my name. Can I get the exemption??? Please help me..
Mihir
(Wealth Manager)
(5293 Points)
Replied 16 January 2014
I am not sure this exemption from capital gain shall be available to your father u/s 54F. One may buy a property in his wife's name or son's name u/s 54 but not u/s 54F.
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Nishad
(student)
(52 Points)
Replied 16 January 2014
Sir,
You purchase the property in your fathers name within three years from the date of property sold he will allowed for exemption and then make a gift deed with your father and transfer the property in your name.
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