Sec 54: reinvestment in other person's name
This query is : Resolved
28 October 2013
Hi I've sold my old residential property after 3 years from purchasing it, which gave me long term capital gains of 30 lacs. The old property was in joint name of me & my father. With this capital gains, I plan to buy a new house but would prefer to register it in my mother's name. Would I still get exemption under Sec-54 ?
28 October 2013
No. To claim exemption u/s 54, the house property purchased should be in the name of yourself and father.
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