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Sale of land

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37 Points Posted on 18 October 2020
Mr.X is having a plot in his name which he purchased in the year 1991 at 15000 and now he sold the same at 27laks and purchased a plot for Rs 46laks in his son name. because he is retired and not eligible for loan. so my query is can Mr.X claim exemption u/s 54F or he has to pay tax on LTCG at 20%?
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On 18 October 2020 at 22:14 Report
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197 Points Posted on 18 October 2020
Advise him to be a joint owner in the new plot
2 Reply
On 18 October 2020 at 22:55
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5895 Points Posted on 19 October 2020
Mr x should be the owner along with his son
57 Reply
On 19 October 2020 at 00:37
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21 Points Posted on 19 October 2020
U can claim exemption if you your your wife is the owner
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On 19 October 2020 at 00:45
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37 Points Posted on 19 October 2020
If he is joint owner then exemption can be claimed fully or half?
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On 19 October 2020 at 00:48
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21 Points Posted on 19 October 2020
Fully
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On 19 October 2020 at 01:03
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12244 Points Posted on 19 October 2020
If you're joint owner you can claim to the extent your share in the new property (make sure to construct a house within 3 years from the date of sale old land property)
35 Reply
On 19 October 2020 at 04:59
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197 Points Posted on 19 October 2020
It is advisable to be the joint owner and claim the exemption
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On 19 October 2020 at 10:03
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5895 Points Posted on 19 October 2020
Exemption is as per your shares in the newly owned property
57 Reply
On 19 October 2020 at 10:06
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197 Points Posted on 19 October 2020
Section 54 F mandates that the house should be purchased by the assessee and it does not stipulate that the house should be purchased in the name of the assessee only...there is a case law on it Shri Ramphal Hooda Vs ITO(ITAT Delhi)

so assessee will be allowed to claim full exemption
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On 19 October 2020 at 10:19
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5895 Points Posted on 19 October 2020
Ok got your point but father should be the frist joint holder of the deed and should follow some conditions tooo
57 Reply
On 19 October 2020 at 10:34


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