Capital gain
Querist : Anonymous
1. can he purchase the agriculture land and flat (both) to get the benefit of sec 54B or any other sections ?
2. can he purchase the agriculture land in parts that is as a different plots.
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Yes he can purchase the land in parts also.
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Querist : Anonymous
i have another query regarding the sale consideration. in that land is in the name of father but his sons name also appear in the 7/12 documents than how can we take the income? whether is it the income of father or sons or both?
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In case of ancestral land , it can be taken as father's land.
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Querist : Anonymous
now whether son would get the benefit of sec 54b and 54f?
or income of son would be treated as income from tenancy right?
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If yes, it can be argued that since father has gifted the land or amount to the son, so son is also a co-owner.
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Both will get the exemption benefit.
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