capital gain-54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2012 Hi,

In case if Mr X sells long term asset other than house and sells it in FY 11-12 and invests the proceeds in residential house in FY 11-12 it is exempt from tax U/s 54F(Mr X does not own any house on date of trf). But what happens in case he receives through will/gift(without consideration being paid) from his brother Mr Y a floor in another residential property after date of transfer whether capital gains be taxable?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 January 2012 The exemption will prevail and not be added back as the gifted house can't be said as purchased by the assessee.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 January 2012 The exemption will prevail and not be added back as the gifted house can't be said as purchased by the assessee.

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CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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27 January 2012 agree with the author.

yes , deduction under section 54 F not available in your case. Receipt of gift can not be construed as purchase.

Querist : Anonymous

Querist : Anonymous (Querist)

28 January 2012 Is there any reference of case laws for above