I sold 3 residential plot in 22-23.
will it comes under 54 or 54F ?
Means I need to invest only LTCG amount in new residential house or complete sale consideration in new residential house.
Selling of residential plots gives exemption under section 54 or section 54F...
Pls reply.
Thankyou
Menu
Selling of residential plot 54 or 54F
Replies (4)
Sec. 54F of IT act will be applicable.
Investment of sale consideration would qualify for its exemption under sec. 54F of the act.
Ok sir.
Hence, my mother will buy new house with total sale value of plot.
Now, other thing, can she buy new house in joint name of her and me. Whole payment will be made by mother.
In this case we will be able to take tax exemption benefit ? and what is the benefit of adding son name jointly while buying residential property considering future aspects ?
Hence, my mother will buy new house with total sale value of plot.
Now, other thing, can she buy new house in joint name of her and me. Whole payment will be made by mother.
In this case we will be able to take tax exemption benefit ? and what is the benefit of adding son name jointly while buying residential property considering future aspects ?
Yes, she can buy new house property in joint name, and still can claim exemption u/s. 54F by investment of the sum from her account.
Joint name helps legal safety and convenience for inheritance.
Tenure after amount realized from sale of house property will be kept in a scheduled bank for investment in new residential house property.
Related Threads
CAclubindia
