Purchase of plot for sec-54f
This query is : Resolved
15 June 2018
Two brothers have sold 2 different properties:
1st brother sold house, LTCG to be invested u/s 54 to save tax
2nd brother sold shop, entire proceeds to be invested u/s 54F to save tax
Question 1 : If they both buy a 500 meters of land to construct a new house in their joint names and invest the amounts as per above, will they both get the exemptions?
Question 2 : If they both buy a 500 meters of land to construct a new house in the name of LLP held equally by both of them and invest the amounts as per above, will they both get the exemptions?
Please provide the expert advice
1st brother sold house, LTCG to be invested u/s 54 to save tax
2nd brother sold shop, entire proceeds to be invested u/s 54F to save tax
Question 1 : If they both buy a 500 meters of land to construct a new house in their joint names and invest the amounts as per above, will they both get the exemptions?
Question 2 : If they both buy a 500 meters of land to construct a new house in the name of LLP held equally by both of them and invest the amounts as per above, will they both get the exemptions?
Please provide the expert advice
16 June 2018
1 Both will get exemption.
2 No exemption for investment in LLP.
2 No exemption for investment in LLP.
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