Dear sir, My father was sold his own house property and purchased new property in my ownership. Can he claim benefit of section 54?
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Quick Summary
This discussion addresses whether a father can claim the Section 54 capital gains tax exemption when he sells his property and purchases a new one registered in his child's name. While the general rule suggests this is not permissible, there are specific case laws that have supported the assessee's claim in similar situations where the investment was made in a family member's name.
As per rules NO. But there are few case-laws in support of assessee, who invested the sum in the name of their family member/s, and claimed for the exemption/s.