Income tax

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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 ?
Replies (8)

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.

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.

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.

Thank you sir for quick response.

My Pleasure

SIR,

If  karta of HUF is senior or very senior ( more than 80 yrs.), will this HUF enjoy exemption limit in accrdance with age of the karta ?

No. HUF has no age calculation, but can last upto 4 generation!!

thanks sir.


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