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20 February 2013 hello, If a person sale out his residential house property, can he purchase a flat from his father to claim exemption u/s 54 or can he purchase a part of flat from his father to claim exemption u/s 54

Read more at: https://www.caclubindia.com/forum/exemption-u-s-54-capital-gain--239841.asp#.USSVHB0tToo
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Ankit

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Ankit (Expert)
20 February 2013 Dear Rinky,

I think this is allowed..

but after the OR also, the same thing is repeated..so is there another situation apart from purchasing the flat from his father??

- Ankit
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 February 2013 i) Purchase from father - eligible for deduction under section 54.
ii) Purchase of part of a flat from father - eligible ,since investment in "limited interest in property" is allowed vide Gujart High Court decision reported in (2000) 245 ITR 182.
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