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.
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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
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