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Long term capital gain from other than house property

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GOLLA GIRIPRASAD

28 Points Posted on 09 June 2016

One of my client had arived long term capital gain from asset other than house property . He made an investment in the house property in the name of his child ie...HUF wether examption u/sec 54F is available to him

Can anyone please advice in the following query

thank's

Replies (1)

CA Harshal Totla

Chartered Accountant

1575 Points Posted on 09 June 2016

yes, section 54F benefit is available to an individual/HUF on transfer of any long term capital asset other than house property. Since assessee is an individual who made an investment in the name of his child, it has been held in some case laws that assessee may make an investment u/s 54 and 54F in the name of his wife or childrens since the main objective of these sections is to encourage the investment in house property.