Long term capital gain
This query is : Resolved
30 September 2012
If father gives his son a vacant plot through will or casually gifts him the plot, then can the exemption u/s 54f be availed?
30 September 2012
The is no capital gain on transfer of plot by father to the son by way of gift or will.
When this plot is sold by the son the section 54 shall not be application as the same is applicable to the
capital gain arises from the transfer of a long-term capital asset being
buildings or lands appurtenant thereto, and being a residential house, the
income of which is chargeable under the head “Income from house property”
When this plot is sold by the son the section 54 shall not be application as the same is applicable to the
capital gain arises from the transfer of a long-term capital asset being
buildings or lands appurtenant thereto, and being a residential house, the
income of which is chargeable under the head “Income from house property”
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