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Income tax

uma shankar (proprietor) (140 Points)

28 March 2017

i want to sale my ancestral property, house, godown etc. where should i reinvest the money so recieved ? can i purchase a house in the name of my son's wife ? Or in whose name can i purchase house ?

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168819 Points)
Replied 28 March 2017

To avail any long term capital gains tax deduction (u/s. 54/ 54F), you should be there as co-owner along with your DIL while purchasing new house property.

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uma shankar (proprietor) (140 Points)
Replied 01 April 2017

thanks a lot for your response.

actualy i am karta of my HUF and the property is inthe name of the HUF. Now let me know (1) weather my son's wife is member of my HUF or Not ? Can I purchase new house in her name in this case or even now i will have to puchase jointly with her.

thanks.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (168819 Points)
Replied 01 April 2017

1. Yes.

2. You can, but not without litigation.

3. Better purchase in the name of HUF only. After 3 years you can make partition of HUF and assign its assets among the members as per mutual consent.