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.

CA. ANKUR JAIN

CA. ANKUR JAIN (Expert)
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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