Hello,
I, my brother and my mother sold our ancestral agricultural land (which comes under the urban zone now). and to save capital gain tax wish to invest in the purchase of a residential house under 54F.
Can we avail exemption under 54F if we jointly purchase a residential flat/house (under construction) by investing net sale consideration into it (1/3th proportionate share in buying a residential house)
As we do not have any residential house in our name, the self-occupied house, is in my father's name & he died in 2020 but the title owner has not changed yet.
Menu
EXEMPTION UNDER 54F BY PURCHASING NEW ASSET JOINTLY
Replies (4)
Yes, you can avail the deduction, provided the amount is invested by the sellers in the residential property as per their shares. & the same if un-utilized before filing return, is parked in CGAS, 1988.
share of sellers are not defined anywhere as it is inherited property, but in the sale agreement of transfer of original asset entire sale consideration is divided into 3 parts, does that define 1/3th share per assessee?
Yes, when not defined elsewhere, its equal share among the three.
Yor I agree with Dhirajlal Rambhia
Recent Threads
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
- Choice of itr form
- DTAA with US - Interest & Dividend
- Last Year ITR Not Filed and Hence NO TDS was claim
- Does ITR2 take much longer for processing
- New GST Reforms 2025 Announced by PM Modi –
- Share capital Amount
- Fund claimed as nominee of deceased Parent
- ITC claim on cements and Steels
Related Threads
CAclubindia
