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Capital gain exemption

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 February 2012 My father earned capital gain on sale of assets. Is he eligible for exemption by buying two house in his two son name?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 February 2012 Courts have given divergent decisions. One house in the name of assessee (here father) will avoid litigation.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
08 February 2012 Would suggest that the reinvestment to buy one house may be made again in the name of the father itself to have the tax benefit and later be gifted to one of the son.
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