to avail capital gain under Sec.54f individual should not own more than one residential property.
now a person is selling self acquired other than residential property and same person is holding more than one joint family property(7 brother) in name of their late parents, than in these case he can avail capital gain benefit by buying residential property or not ? and as per Sec 54f "own" stands for self acquired property in a single name or joint family property in name of their late parents will also be considered ?
14 December 2012
According to sec 54F An assessee claim deduction if he did not hold more then one house property. Here in your case an assessee can claim deduction bease existing house property is not belog to him.
14 December 2012
Dear Sir, still the property are on there late parents name but since they are not alive ,7 brother are now joint owner does it matter or not?
15 December 2012
Acxording to me he cannot avail this exemption because registered ownership is not compulsory even beneficial ownership is sufficent to debar the benefit.
CAclubindia
