Capial gains liability

This discussion clarifies capital gains tax liability when selling a residential property and reinvesting the proceeds into another residential property within 12 months, specifically when the new property is in the name of a major son or daughter. It confirms that capital gains tax may not arise for long-term capital assets if conditions under Section 54 are met. The advice indicates that investing in a son or daughter's name is permissible for claiming exemption under Section 54, with the procedure involving calculation of capital gain and exemption amount for Income Tax Return purposes.