Capital gain
This query is : Resolved
inder gupta
(Querist)
02 December 2011
Respected Sir/Madam
I want to know if a person sales agriculture land in his life time. and after his death according to his will his sons getting fund in cash and invested in agriculture land in himself name for getting the u/s 54 F in the income tax return of father. can is it possible .
I want to know if a person sales agriculture land in his life time. and after his death according to his will his sons getting fund in cash and invested in agriculture land in himself name for getting the u/s 54 F in the income tax return of father. can is it possible .
CA PARAS BAFNA
(Expert)
04 December 2011
Section 54F is for the purchase of Residential House. Correct Section is 54B to avail exemption from Capital Gains in connection with Agriculture Land.
.
The word "himself" is applicable for son here.
.
The exemption can be claimed by the assessee
father if the land has been purchased by him.
.
Here, the agri. land is purchased by the son after the death of his father.
.
In a strict legal sense the assessee father could not save his life as well as
his capital gains tax.
.
The son can claim that " vaise bhi ...."
But IT Department may not consider his plea favorably.
.
.
The word "himself" is applicable for son here.
.
The exemption can be claimed by the assessee
father if the land has been purchased by him.
.
Here, the agri. land is purchased by the son after the death of his father.
.
In a strict legal sense the assessee father could not save his life as well as
his capital gains tax.
.
The son can claim that " vaise bhi ...."
But IT Department may not consider his plea favorably.
.
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