benefit u/s.54- capital gain utilised for construction of HP
This query is : Resolved
19 February 2011
hello everyone,
one of our client plans to sell one residential house property in mumbai and construct and house property on the land owned by his father at his native plance in bihar.
can he avail the exemption from capital gains tax.
please mention caution to be taken in this regard.
waiting for ur reply urgently
one of our client plans to sell one residential house property in mumbai and construct and house property on the land owned by his father at his native plance in bihar.
can he avail the exemption from capital gains tax.
please mention caution to be taken in this regard.
waiting for ur reply urgently
20 February 2011
For construction on the land of his father, he must get an NOC form his father.
He can avail exemption U/s 54.
He can avail exemption U/s 54.
Guest
Guest
(Expert)
20 February 2011
No but it can be availed if assessee can get the plot transferred in his name.
20 February 2011
Dear Abhishek,
In Section 54, there is no mention about the purchase of land as well as its ownership.
In case father allows him to construct on his land, or on his house, there will be sufficient compliance with section 54.
In Section 54, there is no mention about the purchase of land as well as its ownership.
In case father allows him to construct on his land, or on his house, there will be sufficient compliance with section 54.
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