Exemption of long term capital gain u/s 54
This query is : Resolved
CA ANJANA GUTGUTIA
(Querist)
10 May 2014
Mr.x already occupied a flat in his name few years ago,and Mr.x has three brothers,and they received a residential property jointly from their parents. they sell it,and divide the selling price among them equally, now Mr.x wants to get exemption u/s 54 by purchasing another house in the name of his son. are he get exemption u/s 54. or by investing LTCG u/s 54EC
Nikhil Kaushik
(Expert)
10 May 2014
he can get exemption under both the sections.
Rupesh Jain
(Expert)
14 May 2014
HE CAN EXEMPTION WHEN HE INVEST IN HOUSE IN HIS NAME NOT IN HIS SON NAME.
Nikhil Kaushik
(Expert)
14 May 2014
Rupesh. It is allowed even if purchased in son's name..
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