Exemption u/s 54f
This query is : Resolved
22 February 2013
Sir,
We have a client who already have 2 residential flat. In A.Y.2012-13, he transferred his vacant plot which was jointly owned by him & his wife to builder against development rights & got one flat jointly in the name of he & his wife.
I want to know whether he can be allowed exemption u/s 54F? And what will be position in case of his wife.
Please help me out.
We have a client who already have 2 residential flat. In A.Y.2012-13, he transferred his vacant plot which was jointly owned by him & his wife to builder against development rights & got one flat jointly in the name of he & his wife.
I want to know whether he can be allowed exemption u/s 54F? And what will be position in case of his wife.
Please help me out.
CA PARAS BAFNA
(Expert)
22 February 2013
As he is having two flats, he is not eligible to claim exemption u/s 54F, however, his wife can claim.
.
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