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Exemption under sec 54f of income tax act, 1961

Tax queries 286 views 4 replies

yash vora

3 Points Posted on 25 January 2019

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?

PLEASE REPLY WITH APPROPRIATE CASE LAWS..

THANKS IN ADVANCE

Replies (4)

Aditya SHARMA

20 Points Posted on 25 January 2019

No Deduction will be allowed under section 54 where the residential house property is purchase within 2years of sale of residential hou

Giridhar S Karandikar

Team Lead

7558 Points Posted on 25 January 2019

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

Aditya SHARMA

20 Points Posted on 25 January 2019

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?