Exemption of capital gain u/s 54f

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 February 2013 If capital gain arised out of sale of long term capital asset is invested to construct a residential house in the name of son, whether exemption u/s 54F can be taken by the father.

@VaibhavJ

@VaibhavJ (Expert)
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23 February 2013 Hi,

No investment should be in the name of self only.

Thanks!!

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2013 buy the same under-construction property from your son. set of ur capital gains against this purchase - if the transaction is done in proper manner, there should not arise any STCG against your son.

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@VaibhavJ

@VaibhavJ (Expert)
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23 February 2013 yes by doing so you can save in tax..

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2013 one thing I forgot to add... you will end up paying additional stamp duty..so the cost benfit analysis is required before my earlier advice is to be followed.