Capital gain Exemption

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

 

 

Replies (5)

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

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