Section 54F on inherited property
This query is : Resolved
12 August 2024
Respected Everyone,
My mother had a residential house, and she passed away in 2014. The house got transferred to 3 people (my father, me and my brother). I dont pay any electricity bills here. I purchased an apartment in 2022, and I bought it with my father, me and my wife. Here the electricity bill is on my name and I pay the bills. Now I want to sell shares and buy another small apartment. Can I claim LTCG using section 54F?
My mother had a residential house, and she passed away in 2014. The house got transferred to 3 people (my father, me and my brother). I dont pay any electricity bills here. I purchased an apartment in 2022, and I bought it with my father, me and my wife. Here the electricity bill is on my name and I pay the bills. Now I want to sell shares and buy another small apartment. Can I claim LTCG using section 54F?
13 August 2024
As such no. But you can relinquish you rights in the inherited property to either of your father or brother or both. Then you can get benefit of sec. 54F exemption.
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13 August 2024
Thank you sir.
Is it possible to buy a new property on my wife's name and I invest the capital gains and can I still claim 54F? My wife owns one house which is joint property with me?
Is it possible to buy a new property on my wife's name and I invest the capital gains and can I still claim 54F? My wife owns one house which is joint property with me?
13 August 2024
If you want to claim the exemption, you should be owner or co-owner of the new property.
26 August 2024
Good Luck.
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