HUF has sold a house in F.Y. 2011-12 which was in the name of HUF itself. Can I buy a new house to claim exemption of Capital Gain u/s 54 in the name of karta or any co-partners or is it necessarily be new house in the name of HUF itself.
what are provisions of sec.54 , is there any case law for the same case as above.
30 April 2012
The exemption U/S 54 is allowable if the assessee purchase another house within a period of one year before transfer or 2 years after date of transfer.Here the assessee is HUF and so the land be purchased in the name of HUF only.
CAclubindia
