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

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Student
37 Points Posted on 16 August 2023
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?
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On 16 August 2023 at 20:45 Report
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180 Points Posted on 17 August 2023
No. not possible
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On 17 August 2023 at 10:02
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Profession Business
28207 Points Posted on 17 August 2023
Exemption under sec 54 is possible.
44 Reply
On 17 August 2023 at 18:48
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"Do the Right Thing...!!!"
128152 Points Posted on 17 August 2023
@ Ankur Singhal,

No, Exemption not available in this case.
464 Reply
On 17 August 2023 at 19:25
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Chartered Accountant in Practice
108 Points Posted on 15 January 2024

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

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On 15 January 2024 at 17:10
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Chief Accountant
22 Points Posted on 15 March 2025

HOW TO SHOW IN ITR IN THE ABOVE CASE?

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On 15 March 2025 at 06:36


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