Capital gains 54f

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srinivasan ak (Querist)

12 July 2018 Already X has one house in his name. He now wanted to sell one land and use that proceeds to construct a new house. Can he claim deduction under section 54F?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

12 July 2018 Yes, very well he can.

srinivasan ak

srinivasan ak (Querist)

12 July 2018 Thanks a lot sir. One more question. In section 54 F it is mentioned that assessee should not own more than one house other than the new house which he is going to purchase now. What does it mean sir?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

13 July 2018 https://www.caclubindia.com/experts/capital-gains-54f-2673234.asp

srinivasan ak

srinivasan ak (Querist)

02 February 2021 Sir another query . Kindly clarify
X an individual wants to purchase a house property. Lets assume the purchase consideration is Rs.20 lakhs. The property has to be registered in X's name. X' father, from his bank account paid Rs.5 lakh directly to the seller. The remaining Rs.15 Lakh was settled by X from his bank account. Can X's father pay directly to the seller In order to fit this transaction as a cash gift ? Will it have any tax consequences?

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