My client has sold long term capital asset. He is going to invest consideration in residential house and avail 54F.
But, new house will be jointly in name of him and his brother.
Shares will be separately mentioned in sale deed.
Consideration will be paid by them separately as per their share.
Whether he can get benefit of 54F?
Dear Sir,
Exemption u/s 54F will be AVAILABLE as long as assessee is the owner (or co/joint owner) in the new house.........
Yes......
Exemption u/s 54F is available for co-ownership...........Assessee should be a joint / co owner....
thanks for reply but any of u have case law / text w.r.t. this issue.
I have referred one case but it can have bounce back too. 280ITR243 - RASIKLAL N. SATRA.
PLS LET ME KNO IF THERE IS ANY CASE DIRECTLY RELATED WITH.
EXMPTION WILL BE APPLICABLE TO THE EXTENT OF INVT MADE BY ASSESSEE.
YOGESH KAPOOR AND ASSOCIATES
New Delhi
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Vardhaman Group of India
Pimpri Chinchwad
CA Inter
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