Section 54 F Exemption

This query is : Resolved

Guest

Guest (Querist)

06 April 2011 Father sold his land property in June 2010 and started construcyion of house in the land registered in the name of his married daughter. Can we claim exemtion u/s 54 F. Is it necessary to construct or acquire new asset in the name of assessee or can it be in the name of legal heirs. Ther are some case laws supporting that exemtion can be claimed, but matter of married daughter not specified clearly. Please help

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 April 2011 The following case law may be referred to.

Prakash Vs. ITO (2008) 173 Taxman 311(Bom).

Crux of the decision is as follows:-
For claiming exemption under section 54F it is necessary and obligatory to have the investment in new house in the name of the assessee (here the 'Father')only.

Guest

Guest (Querist)

06 April 2011 If the investment is made in joint name of father and married daughter.

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