16 April 2016
Mr.A sold jewellery and made a long term capital gain of Rs 15 Lakh. He invested the entire sale proceeds in purchase of one resedential house of Rs 30 lakh. 15 lakh paid by him and 15 lakh paid by his son. In this case, whether Mr.A will be eligible for claiming exemption of Long term capital gain on jewellery under section 54 F. As he has invested entire sale proceeds in Purchase of residential house. But purchased it jointly with his son. Whether purchasing it jointly will disqualify him for claiming exemption. As there is nothing written in section 54F that it should not be purchased jointly. Please advise if anyone knows?
CAclubindia
