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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Short Term Gain Reporting ITR
- IT returns for fresh job holders
- F&O reporting in ITR
- Query regarding reporting of exempt foreign remuneration in ITR
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Error in uploading Form 10BD
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
