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Gift of residential property on which LTCG exemption was claimed under Section 54F

This query is : Resolved 
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(Querist)
26 September 2024 My father sold a land property on his name and purchased a flat on his name with entire sale consideration.
Now, Section 54F says he should not sell it within three years
But can he gift the flat through gift deed in my name or should we wait for three years for gift transaction also?
References of relevant cases will help a lot. Thanks.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 September 2024 Yes, he can gift it to you, but you will have to wait for 3 years for the sell, otherwise exemption claimed by your father will get reversed.
Reference: Income Tax Appellate Tribunal - Chennai
Abdul Hameed Khan Mohammed, Chennai vs Department Of Income Tax; ITA Nos.1782/Mds./2015
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 October 2024 Good luck ....
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