IF ASSESSEE OWNED JOINT PROPERTY WITH HIS BROTHER SELLS THAT PROPERTY & PURCHASE NEW PROPERTY ON BROTHER'S NAME ONLY, THAN DEDUCTION U/S 54F AVAILABLE OR NOT?
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THANKS IN ADVANCE
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Exemption under sec 54f of income tax act, 1961
Replies (4)
No Deduction will be allowed under section 54 where the residential house property is purchase within 2years of sale of residential hou
exemption under section 54will be available only to the person who will be the owner of the new purchased property. so only brother can claim exemption
yes the brother will be eligible for exemption and assessee will for liable for capital gains for his share
Suppose now assessee & his brother jointly purchase the new property, later on after 3 years if assessee sale new property which purchased today to his brother & him self buy a new property than he can claim exemption u/s 54F at that time & no capital gain on today's property sold. Isn't it?
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