i want some advice on this case , plz help
so we are living in a residential house since 1980 and now we are selling the house , also we have constructed a new residential house . so acc. to Section 54F of income tax act we are exempt from cap gain tax on the sale of our curr. residential house , right ?
but here the twist comes in , our current residential house is not in my father's name , its registered in the name of my father's bhua (aunt) ... so can we get the curr. house registered in my father's name through a gift deed from my father's bhua in order to avail exemption under Sect.54F ??
i mean if my father's bhua gifts my father the resid. house we are living in now , what are the provision regarding this ? will it attract any tax ?
plz reply
CAclubindia
