Sir
Good day to you
My friend has sold a property which hea hs inherited. The property was soley in his name. He has received the proceeds from the buyer in three equal parts - one third in his name the other (one third) in his son's name and the balance (one third) in his daughter's name. He has one son and a daughter only. Now he wants to invest in Capital Gains Bond a portion in his son's name and another portion in his daughter's name individually without including his name.
Can he claim tax exemption for these Capital Gains Bond for the capital gains on sale of the property which was soley in his name.
Kindly enlighten me on this.
Thanking you
Rajeswaran P
9442235649
rajeswaranper @ gmail.com
CAclubindia
