Divyansh (Student CA Final ) 20 February 2013
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
Dhawal Mohnot (Practicing) 20 February 2013
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.