Exemption of Capital Gain on Property

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An individual sold a residential property in FY 23-24 and purchased a new one in the same financial year, but in their non-resident son's name. They are seeking clarification on whether they can claim capital gains tax exemption and what alternatives exist. The advice suggests claiming the exemption and being prepared to contest it in court if denied, as the issue is considered debatable with conflicting legal decisions.

Bhasker

Bhasker (Querist)
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16 March 2024 Assessee has sold residential property during FY 23-24.
From the sale proceeds, he has purchased a new residential property during FY 23-24, but the property is purchased in the name of his son, (son is non-resident).

Is the assessee eligible to claim Capital Gain Exemption? If not, what are the options available to claim the exemption?

Please clarify with applicable section.

Thank you

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 March 2024 Issue is debatable. since there are for and against decisions. Claim exemption and if benefit is denied, take up before the court of law. No other option.

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Bhasker

Bhasker (Querist)
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17 March 2024 Sir, Thank you for your reply.
Could you please quote one case law for reference.

Thanks

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