Sale of land

This discussion addresses whether Mr. X can claim tax exemption under Section 54F after selling land purchased in 1991 for £15,000 and selling it for £2.7 million. He then purchased a new plot for £4.6 million in his son's name, as he is retired and ineligible for a loan. The key query is whether he must pay 20% tax on Long Term Capital Gains (LTCG) or if he can claim exemption. The consensus suggests that while the exemption under Section 54F typically requires the property to be purchased in the assessee's name, case law indicates that being a joint owner or having his name on the deed can allow for exemption, potentially up to his share in the new property, provided certain conditions are met.