Please anyone can guide me for follwing question for benefit under section 54F.
Land was purchased my Mrs. x. spouse of mr Y. now Mr Y sold his long termcapital asset in his name and earn the capital gain of 1000000/-. MR. Y having one house in his name. Now he wants to start constrution on land purhcased by Mrs.X. to invest net cosideration in construction of house.can he will be eligible for Section 54F exemption benefit.
YES,
MR X IS ELEGIBLE TO AVAIL EXEMPTION
THE POINT IS HOUSE SHOULD BE CONSTRUCTED BY THE ASSESSEE (MR. X) WHETHER THE LAND BELONGS TO HIM OR HIS WIFE.
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