Gud Mrng...Frnds & Experts...
Provide suggestion for foll query..
My Client have sold Let Out Property this year..nd he has purchased another residential house out of sale consideration as per condition given u/s 54 on his own name in order to claim exemption....actually he dint wnt to buy property on his own name but on his major son's name...since we can not transfer property within 3 years..nw my question is can we gift this property within a period of 3 years..is dis allowed..? Is condition of 3 years applicable for Gift also??
Pls help me...
CAclubindia
