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DEDUCTION U/S 54 OF I.T. ACT FOR NEW PROPERTY PURCHASED IN SINGLE NAME OF REAL BROTHER OF ASSESSEE

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(Querist)
12 October 2022 Can a woman assessee who has long term capital gain on sale of residential property, jointly owned by her with her real brother and inherited from deceased father, invest the sales proceeds of sale of this property in new residential property purchased in the single name of her real brother and claim exemption under section 54 of Income Tax Act.
In the above case if the said woman assessee directly repays the housing loan taken by her real brother for purchase of new residential property purchased within one year prior to sale of residential property in question on with long term capital gain arises, will this further strengthen her claim for deduction under section 54 of income tax Act as direct link between capital gain and its investment in new residential house property can be established.

CA SUNIL KUMAR JAIN
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
12 October 2022 Not eligible in either case, unless she is part and parcel of the purchase document. i.e a co-owner of the new property.
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