Father has a sale proceeds after disposing his landed property. His son has also disposed his house and purchased a land. Now, the father wants to construct a house on his sons land.. Son had claimed exemption u/s 54.
Can father also claim exemption wrt construction of building u/s 54?
please suggest me, is there is any provisions regarding this.?
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Exemption u/s 54
Replies (3)
" His son has also disposed his house and purchased a land........."
" Son had claimed exemption u/s 54."
How?
Sorry sir.. in that land small house is there at the time of purchase.. son is using for his residence.. but now father wants to construct a building in that property.. Can father claim exemption u/s 54.?
Yes... with consent of his son..... provided the holding period of the small house (by son) is equal or more than 3 years......
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