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Section 54 exemption to father

This query is : Resolved 

21 April 2024 If father sale property and invest all amount in new property which is in the name of his son. Do he get exemption u/s 54? Or gain is taxable

22 April 2024 there are contrary rulings on different benches of ITAT on this issue. While benches like Delhi and jaipur have ruled in favor of the assessee, some other benches have ruled against the assessee. So kindly take a considered stand based on which case law may apply to the assessee. Also, please note that AO might disallow the exemption regardless of ITAT ruling. So, be prepared for defending the matter in further litigation.



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