Capital gains sec 54f exemption if purchased in sons name

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 February 2012 P got urban land from his father on partion of his fathers HUF.

AFTER 10 years he sold the above urban land and purchased house property IN THE NAME OF HIS SON K.

CAN he claim exemption u/s 54F by filing return under HUF status ?

Note: house NOT purchased in the name of Karta.to claim exemption,is it necessary to purchase house in karta's name?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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12 February 2012 It is necessary that the funds of HUF must have been used for acquiring the property,
even if it has been purchased in the name of any member of the HUF.

By following the link you will definitely
be guided-

http://taxguru.in/income-tax/exemption-54f-huf-allowable-property-individuals-purchased-huf-account-hufs-pan.html

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