Capital gain exemption u/so 54f

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Kiran (Querist)
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23 November 2014 We are selling the property jointly owned by my parents.. since the capital gain will be too high is there possibilities they can gift property to me and sell thereon to get exemption under sec54F by purchasing a residential property in my name since I do not own any other properties as of now my parents cannot claim 54F since they already have another property ..is there time limit for donee to have pocession of property to claim sec 54F please clarify

CA Chandra Kishore Bajpai

CA Chandra Kishore Bajpai (Expert)
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23 November 2014 Gifting of property by parent to children shall not be treated as transferred thus no Capital gain however when child will sale property, capital gain arise.
you may claim exemption u/s 54F while purchasing new property if other conditions are satisfied