My Father Transfer/Sold the Tenancy Rights of a Shop to one of the Individual. This Tenancy Rights in the Name of My Grand Father from 1940, Now My Grand Father is Expire and My Father is legal heir.
After Transfer of Said Rights to Third Party other then Landlord, My father Buy one residential House in Joint Name with Mom and Me, it means there are total 3 owners of New Residential House.
My Query is :
1) The amount received against the said Transfer is shown under the head of Capital Gain or Income from Other Sources.?
2) If it is Capital Assets then Cost is Nil, can My Father take the amount paid to Landlord on said Transfer as deduction From Full Value of consideration?
3) Can My Father take the Exemption U/s 54F as said Capital Gain Invested in Residential House?
4) New Residential House in Joint Ownership as discussed in starting & amount paid for New House only from my father’s Bank A/c., So New House cost equally divided or It is full cost to My Father for 54F Exemption?
CAclubindia
