Capital gain provision utilization

My brother submited first time ITR filing for financial year 2013-2014 in July 2014 in which there was some provision for Capital gain which arisen from the property he sold. Actually propety was constructed in pas with family contribution but he was sole title holder therefore the capital gain account & ITR is submitted on his name.

if I buy a plot on my name (we are siblings), can he construct the house using the capital gain money deposited in the account in his name.

Or

He make the payment for land in which is certainly much more amount than the capital gain provision deposited in bank, and balance amount I pay in this way can he buy the land or property on joint name using the capital gain funds,  

Which way is suitable as per the income tax law. 

What if he just buy the land with capital gain funds and not construct a house still he is eligible for exemption of capital gain tax (2013-2014 financial year.)

 

Replies (1)
As per my interpretation of section 54 F investing in land will not qualify as residential property and therefore deduction for same cannot be exercised. Secondly , co-owing a property does not disqualify assesse from claiming deduction as the same was held in the below mentioned case, given below is the link for the same. https://law.incometaxindia.gov.in/Directtaxlaws/act2005/%5B2002%5D123Taxman0290%28Delhi%29.htm

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 07 November 2026
Chartered Accountant

DPV & Associates

Chennai

CA

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
10 November 2026
FP&A Executive

Gujarat Guardian

Ankleshwar

CA Final

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details