Exemption u/s 54 and Gift of property received

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Priyanka (Querist)
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08 May 2023 Hello
Client has already purchased a Residential property in March 23 in Pune
In April 23, her son make a gift deed of another property at Mumbai and transferred ownership of the same from his name to his mother's name i.e. client.
Now the client is willing to sale the property which is acquired as Gift from son ( Mumbai ) in coming months
My query is, If client sales such property, will she be able to claim exemption u/s 54 of property already purchased at Pune in March ?
Because the property which she is selling was not on her name in March 23. which is point of concern for me
Kindly give your expert opinion on such scenario

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 May 2023 Yes, she can claim exemption u/s. 54 of IT act, provided son held the house property for more than 2 years.

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Priyanka

Priyanka (Querist)
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08 May 2023 Hello Sir
The property was previously acquired by Son and father jointly in 2019. father gifted his share to his son in 2022
Now son has gifted entire 100% it to his mom in 2023
from when the holding period will be considered ? right from original ownership of property 2019 or from 2022 ? please guide

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 May 2023 2019. Original date of registration of purchase deed.

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