can we claim exemption u/s 54 if :-
1) a residential house property is booked but still the construction is going and possession of flat will get after one year.AND
2) the old house was in the name of Mr and his wife but the new house is in the name of Mr .A and his son.
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section 54 query
Replies (1)
1. Yes, subject to compliance of other conditions of the section.
2. Yes, but only Mr. A can get the exemption under the section, upto the ratio of holdings in sold property.
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