Section 54 (capital gain)
This query is : Resolved
20 February 2013
hello,
If a person sale out his residential house property, can he purchase a flat from his father to claim exemption u/s 54 or can he purchase a part of flat from his father to claim exemption u/s 54
If a person sale out his residential house property, can he purchase a flat from his father to claim exemption u/s 54 or can he purchase a part of flat from his father to claim exemption u/s 54
20 February 2013
i) Purchase from father - eligible for deduction under section 54.
ii) Purchase of part of a flat from father - eligible ,since investment in "limited interest in property" is allowed vide Gujart High Court decision reported in (2000) 245 ITR 182.
ii) Purchase of part of a flat from father - eligible ,since investment in "limited interest in property" is allowed vide Gujart High Court decision reported in (2000) 245 ITR 182.
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