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Sale of land
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%?
Replies (10)
Advise him to be a joint owner in the new plot
Mr x should be the owner along with his son
U can claim exemption if you your your wife is the owner
If he is joint owner then exemption can be claimed fully or half?
Fully
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)
It is advisable to be the joint owner and claim the exemption
Exemption is as per your shares in the newly owned property
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
so assessee will be allowed to claim full exemption
Ok got your point but father should be the frist joint holder of the deed and should follow some conditions tooo
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