Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 February 2012
P, on partion of HUF got 19 acres of urban land and sold during 2010-11 6 acres for 60 lakhs and purchased a house property in the name of his son.
can assessee P file his return of income under HUF status and can he claim exemption u/s 54F ?
KINDLY GUIDE me with regard to SEC 54F EXEMPTION as house is not purchased in the name of Karta P.
can assessee P file his return of income under HUF status and can he claim exemption u/s 54F ?
KINDLY GUIDE me with regard to SEC 54F EXEMPTION as house is not purchased in the name of Karta P.
12 February 2012
when he recd land on partition of huf, thr transaction is not taxable by virtue of sec 47
but when he sold the sAMe land it becomes taxable and he hv to declare tht in his own income tax return i.e not in huf
yes he can claim 54f if house is purchased wid in the time limits under this section
but when he sold the sAMe land it becomes taxable and he hv to declare tht in his own income tax return i.e not in huf
yes he can claim 54f if house is purchased wid in the time limits under this section
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