capital gain-54f

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Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2012 Hi,

In case if Mr X sells long term asset other than house and sells it in FY 11-12 and invests the proceeds in residential house in FY 11-12 it is exempt from tax U/s 54F(Mr X does not own any house on date of trf). But what happens in case he receives through will/gift(without consideration being paid) from his brother Mr Y a floor in another residential property after date of transfer whether capital gains be taxable?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

27 January 2012 The exemption will prevail and not be added back as the gifted house can't be said as purchased by the assessee.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

27 January 2012 The exemption will prevail and not be added back as the gifted house can't be said as purchased by the assessee.

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CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)

27 January 2012 agree with the author.

yes , deduction under section 54 F not available in your case. Receipt of gift can not be construed as purchase.

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2012 Is there any reference of case laws for above

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