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Capital gain
If mother sold land and want to purchase flat in the name of son/doughter then he can claim capital gain exemption or not
Replies (3)
Mother has to purchase flat in her name to take 54F benefit of exemption.
1. In the case of Kaushal Kishore Maheshwari vs ACIT, it was decided that sec 54 and sec 54F should be interpreted liberally and tough interpretations should not be made while allowing exemption in respect of the above case.
2. In the above case, law purchase of house property in the assessee's wife is allowed as exemption u/s 54F.
3. Though in your case it may not be an "investment in spouse's name" but the point in here is exemption sections should be interpreted liberally and not in a strict term.
Please correct me if the above solution has an alternative view.
@ Anshul
Another way is gift of land by your mother to son or daughter or both equally.
And then sale of land and purchase of flat. Take benefit under 54F subject to section conditions.
Another way is gift of land by your mother to son or daughter or both equally.
And then sale of land and purchase of flat. Take benefit under 54F subject to section conditions.
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