Hi,
Assuming that a Father disposes of his residential property which results in a capital gain of Rs. 20 lakhs. He proposes to purchase a new residential property in the joint names of him and his daughter at a value Rs 50 lakhs. His daughter is unemployed and does not have any income of her own and is not an IT assessee. Will exemption u/s 54 is available to him in the above case.
Please clarify and thank you,
Sivaraja
Yes
Yes, Father can claim the exemption provided the daughter should be unmarried and she should be dependent on the Father
Yes exemption will be available as the income tax considers the source of income and its utilisation
Yes exemption available
yes
CAclubindia
