Capital Gain

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A partner sold an individual property and made a Long Term Capital Gain (LTCG). To save tax, they bought a new property, but registered it in the name of their partnership firm. Unfortunately, the property for LTCG exemption must be purchased in the individual seller's name, not the firm's. Therefore, the exemption under sections 54 to 54F is unlikely to be available.

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(Querist)
04 March 2020 One of the partner of a partnership firm sold his individual property attracting Long Term Capital Gain. Now, he has purchased another property to save the LTCG, but the property purchased by him is in name of the partnership firm in which he is a partner. Please suggest, whether he will avail the benefit of exemption of LTCG u/s 54 to 54F?
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Eswar Reddy S

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Eswar Reddy S (Expert)
05 March 2020 No.He can't avail deduction
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VIJAY KUMAR

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VIJAY KUMAR (Expert)
05 March 2020 The property should be purchased on the name of the seller and not on firms' name to claim the deduction u/s 54.
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akash agrawal

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akash agrawal (Querist)
05 March 2020 Thank you everyone for guiding me.
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