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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)
No. not possible
Exemption under sec 54 is possible.
@ Ankur Singhal,
No, Exemption not available in this case.
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
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