Capital Gain
This query is : Resolved
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?
05 March 2020
No.He can't avail deduction
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.
05 March 2020
Thank you everyone for guiding me.
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