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Benefits of sec 54d
Dear Sir/Madam, Can benefits of Section 54D (Capital Gain arising out of Compulsory Acquisition of Property) be availed in-case where the capital gain amount is being gifted to anybody. Suppose Mr X. has received certain payment against compulsory acquisition of property on which capital gain has arise. Sec 54D provide certain benefits in case the capital gain amount has been utilized for specified purposes. Now Mr X. instead of investing the money under Sec 54D gifts the same to Mr Y (son of Mr. X) and Mr. Y wants to avail the benefit of Sec 54D. My query here is can Mr. Y avail the benefits of Sec 54D.
Replies (2)
No. Only the actual owner of the industrial unit can avail the benefit.
Your son has to wait for at least three years for Gift.
You have to re-invest money in your name only under 54D benefit and hold that new asset for a minimum period of 3 years from the date of it's acquisition.
Thereafter you are at liberty to with new asset the way you wish for.
You have to re-invest money in your name only under 54D benefit and hold that new asset for a minimum period of 3 years from the date of it's acquisition.
Thereafter you are at liberty to with new asset the way you wish for.
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