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Exemption u/s 54 (capital gain)


Divyansh (Student CA Final )     20 February 2013

Divyansh
Student CA Final  
 48 points

| My Other Post

hello,
If a person sale out his residential house property, can he purchase a flat from his father to claim exemption u/s 54 or can he purchase a part of flat from his father to claim exemption u/s 54

avater

Dhawal Mohnot (Practicing)     20 February 2013

Dhawal Mohnot
Practicing 
 40 likes  444 points

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In my view.

There is nothing in law which prohibits this, but the points below is to be considered before doing this.

1. The consideration has to be adequate (It has to be the prevailing market rate)

2.To see the implication of sale of property in the file of father. Let us wait for views of expert as well.

1 Like
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CA Prashant Gupta (DGM (F & A))     20 February 2013

CA Prashant Gupta
DGM (F & A) 
 2524 likes  14068 points

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agree with Mr. Dhawal

sec 54 doesn't put any restriction on that

please refer

/articles/a-quick-glance-on-exemption-from-capital-gain-16450.asp#.USSlJfJ480M

avater

CA Aditya Lahoti (Chartered Accountant)     20 February 2013

CA Aditya Lahoti
Chartered Accountant 
 28 likes  273 points

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I Agree with above members....!!!

avater

CACACA (na)     23 February 2013

CACACA
na 
 1 likes  69 points

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Yes he can. consideration should be adequate. 

avater

CA Deepak Rathore (EXPERT)     23 February 2013

CA Deepak Rathore
EXPERT 
 25 likes  281 points

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yes difinitely,
provided that there is  no unreasonable payment between son and father


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