capital gains exemption u/s 54F

an individual has sold a long term capital asset and purchased a residential house property within the time limits prescribed u/s 54F on the name of her daughter due to horoscopic reasons and made a MOU for the same, is exemption u/s 54F available to him???

Replies (3)

Don't know....

 

But i think he would have purchased the house in his name (claimed exemption u/s 54F)... and then transferred in her daughter's name (as such it would not have counted as TRANSFER under capital gains)....

 

 

 

But in this case too, i think the person can get exemption for the same..

Residential house must be in the name of the assessee only - For qualifying for the exemption under section 54F, it is neces­sary and obligatory to have the investment made in residential house in the name of the assessee only. Thus, investment of sale proceeds of agricultural land by the assessee in purchasing plot and constructing residential house thereon in name of his only adopted son would not qualify for exemption under section 54F - Prakash v. ITO [2008] 173 Taxman 311 (Bom.).

 

https://www.thehindu.com/biz/2008/12/29/stories/2008122950061300.htm

Stuti Agarwal

House should be purchased in the name of the assessee who sold the LTCA and not on his daughter's name to claim exemption u/s 54F...

One more suggestion - House can be purchased in the name of the assessee along with his daughter as a co-owner to get the exemption...

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
12 October 2026
Chartered Accountant - Internal Audit

HKC | Chartered Accountants & Business Advisors

Ludhiana

CA

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details