Section 54 exemption to father
This query is : Resolved
Neha Anand Dhakorkar
(Querist)
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
Nikhil Kaushik
(Expert)
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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