Hi,
Will exemption under Sec54 is valid in the following case:
A person sold his house & wants to construct a new house in his son's plot with that money.
Menu
Exemption under sec 54
Replies (4)
| Originally posted by :sanjay | ||
| " | Hi, Will exemption under Sec54 is valid in the following case: A person sold his house & wants to construct a new house in his son's plot with that money. |
" |
no deductions u/s 54. because land is not owned by the father.
| Originally posted by :Guest | ||
| " | Originally posted by :sanjay " Hi, Will exemption under Sec54 is valid in the following case: A person sold his house & wants to construct a new house in his son's plot with that money. " no deductions u/s 54. because land is not owned by the father. |
" |
Yes, assessee is eligible for exemption u/s.54, if he constructs a house on his son’s plot. The assessee will get the exemption in respect of the funds utilized for the construction of a house. He need not be an owner the plot on which house is to be constructed.
You must aquire the house in your own name for getting exemption u/s 54. If transferred asset before completion of 3 yrs period from date of acquisition then Exemption will be withdrawn.
Recent Threads
- Income tax act 40 A (3)
- Transmission of deceased's shares in physical form
- Shall I pay GST payment for unkonwnly cancelled in
- Error in GSTR1 filing for October 25
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
Related Threads
CAclubindia
