Exemption u/s 54 if property purchased in name of family member

Mr X Sold the residential property in 2023-24 & capital gain from property is Rs 60 lakhs. He purchased the new residential property in 2023-24 for Rs 70 lakhs but property purchase in name of wife & childern. Will he get exemption u/s 54 in this case?
Replies (5)
Quick Summary
This discussion explores whether an individual can claim an exemption under Section 54 of the Income Tax Act when they sell a residential property and purchase a new one, but the new property is registered in the name of their spouse and children. While some opinions suggest it's not possible, others indicate it might be, referencing an article on purchasing property in a spouse's name. The thread also touches upon how to declare this in the Income Tax Return (ITR).

No. not possible
Exemption under sec 54 is possible.
@ Ankur Singhal,

No, Exemption not available in this case.

You can rely on the following article for allowability of deduction u/s 54 if the property is purchased in the name of family member. Refer: https://www.taxwink.com/blog/section-54-deduction-property-in-name-of-spouse

HOW TO SHOW IN ITR IN THE ABOVE CASE?

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