My mom have a house which now we are interested in selling and buying another one. But the property which we are goin to buy has to be taken on my brothers name as we will get a home loan on his name. Now i would like to know whether a property can be taken jointly or wil it be ok if the joint names are that of my father and brother but not my mom,who is the actual owner of the house. Can she still claim an exemption under section 54.
Basically the question is, is it necessary to buy a house on the assessee name if the benefit of exemption under section 54 is to be taken ?
Thanking You.
Regards,
Ritu Sharma.
CAclubindia
