Sir,
I sold one of the land which was in my name and used the sale consideration to build a new house but New house constructed in my Sister's name but we all are staying together.
Whether I'm eligible to claim exemption us 54F or not ?
As per plain reading, Assessing Officer would disallow the exemption. You may get relief during appeal with higher authority.
1. Yes.
2. Or build new house in joint ownership, after obtaining permission to build house from land owner. (over which house is to be constructed, if already purchased)
SSGS and Associates
Chennai
CA Inter
View Details
YOGESH KAPOOR AND ASSOCIATES
New Delhi
B.Com
View Details
O P Bagla & Co LLP
New Delhi
CA Inter
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
CAclubindia
