My Son has a plot in Haryana bought about 10 years ago from HUDA. Now he has another 2 residential flats in India apart from this plot.
He intends to gift this plot to HUF of which he is a member and his father is the Karta. The HUF has no other residential property in its name. On the sale of this plot, will the HUF be able to claim Long Term Capital gains benefit benefit under Sec 54F assuming that the entire LTCG sale amount is reinvested in a residential house in the name of the HUF ? The provisions of Sec 64(2) also need be considered.
Look forward to expert advice.
God bless you
CAclubindia
