Capital gains

This query is : Resolved

G SAI VENKATA CHALAM (Querist)
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01 March 2013 If an individual sells away vacant site
invests in purchase of house-property to
avail of exemption u/s 54F and gifts away
the house property within 3 years to one of
his relations, will the exemption be denied
in view of the amendment in Finace Act,2012
(insertion of explanation 2 to section 2(47) read with sec.47(iii)?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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01 March 2013 on a cursory look, 54F should be available. I dont't think explanation 2(47) applies here. It was inserted to cover offshore deals. Gift is specifically covered under 47(iii).

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