Hello
My father purchased a residential house in the year 2000. After his death in 2012, I am selling this house in 2014 but this house was never registered in my name. Will I be eligible to avail the benefit under section 54 if I purchase a new house in my name with the amount received by selling my fathers house.
Who is the seller of this house in the sale deed? If your father, who is the owner of this house, is no more, then who is signing the sale deed?
Hello,
If your father has died with a will that the property is getting transferred to your name then you can claim the deduction u/s 54 easily.
In case your father has died intestate and your family members have given you the right to sell the property and enjoy the proceeds of the same even then you can claim the deduction .
visit capraveenmr.wordpress.com for more details or contact me at mrpraveen @ live.com
Thanks Mihir and Praveen
I will be signing the sale deed. There was no Will registered but all other successors have given up their rights in my favour. However I was getting confused about the applicability of min 3yrs holding period clause in sec 54. I guess I can avail this tax benefit as the holding period will be counted from the year 2000 and not 2012 right?
U/s 54, it is 3 years from the date of transfer. Hence the holding period will start from 2014, from the date you are selling the property held under will or inheritance
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