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deduction of long term capital gain under section 54

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(Querist)
07 August 2016 To claim deduction of LTCG on sale of residential house by investing the amount of capital gain for purchase of residential house or plot in the of assessee son. Can assessee claim deduction u/s 54
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Adv. Rajesh Chhangani

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Adv. Rajesh Chhangani (Expert)
07 August 2016 Exemption u/s 54 is allowed only when the new residential property is purchased by the assessee in his own name and not in name of his son. but you can execute the sale deed is in joint name, in that case assessee could not be denied benefit of deduction u/s 54. [DIT v. Mrs. Jennifer Bhide 15 taxmann.com 82 (Kar.) [2011 ]]
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