16 September 2009
A Long term capital gain is incurred by sale of land. And is the same land is ownered by the father.A new asset is purchased in the name of son, eligible for exemption under section 54F.
16 September 2009
No. It will not be eligible for deduction u/s. 54F. new asset should have been purchased in the name of father or it should have been in the joint name of both the persons. In some court judgements exemption is allowed as the new property is purchased in the name of son out of natural love & affection. It has also been proved that the new asset has been purchased out of the sale proceeds of old assets. Take your judgement accordingly.
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