02 November 2012
I have sold a Property (Land) and planning to purchase Residential House. The sold out property belongs to my HUF. Presently my HUF does not own any Residential House in their name. I want to purchase two Residential houses in different locations (being two adult members in my HUF) i.e. Cities. Now for availing Capital Gain Exemption, my quarry is that-
Can I purchase two Residential houses in different locations i.e. Cities for availing Capital Gain Exemption? The two properties will be purchased in the name of my HUF.
14 November 2012
No. You can have only one house which shall be exempted u/s 54F. To have two houses and exemption thereof then you have to partition your HUF and all members shall have equal rights but the status of your HUF shall be no more available with you.
CAclubindia
