Exemption us54 by HUF on Purchase of Property
This query is : Resolved
20 March 2024
Hello Members,
Client purchased a new residential flat. He sold off the shares he had in this private ltd company, apart from his self shares he also sold shares held in HUF.
Query: There is Long Term Capital gain coming from the sale of Shares in HUF, while the proceeds received from this was directly used for the purchase of the flat, Can HUF claim deduction us 54 as flat was purchased out of such proceed which is evident from bank statement also.
Regards
Gaurav
Client purchased a new residential flat. He sold off the shares he had in this private ltd company, apart from his self shares he also sold shares held in HUF.
Query: There is Long Term Capital gain coming from the sale of Shares in HUF, while the proceeds received from this was directly used for the purchase of the flat, Can HUF claim deduction us 54 as flat was purchased out of such proceed which is evident from bank statement also.
Regards
Gaurav
20 March 2024
Yes, 54F exemption can be claimed by HUF.
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20 March 2024
Thanks for the prompt reply sir, could you help me with some related case law also in this if readily available.
20 March 2024
Refer section case law not required.
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