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Long term capital gain income tax rebate

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palki goyal

1 Points Posted on 18 January 2020

Hi ,

Need to ask a question , example mr X sale one property of rs 20 lakh and earn profit of rs 18lakh , but with in 6 month mr y ( mr x' son) purchase new residential house and shows mr X as a co-owner of new property , so mr X can claim benefit of long term capital gain tax rebate u)s 54 f under income tax rule

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Quick Summary

This discussion clarifies the conditions for claiming a Long Term Capital Gains (LTCG) tax rebate under Section 54F of the Income Tax Act. Specifically, it addresses whether an individual can claim the rebate when their son purchases a new property and lists the original seller as a co-owner. The consensus is that the original seller (Mr. X in the example) must be the one making the investment in the new property, and they can then include their son (Mr. Y) as a co-owner, provided all other conditions of Section 54F are met.