An individual bought a house / flat in f.y 2014-15, and where his father has invested 2/3 from his personal savings and son has taken a loan of 1/3. The house will be on individual's name.
Father owns another flat, where he sells the flat in f.y. 2015-16.
while arriving at cost inflation indexation in Capital gains, whether father can claim that he had invested 2/3 already and funds were adjusted towards investment in individual / son's house and avoid capital gains taxation.
10 March 2015
Deduction under Section 54 / 54F is available for amount paid towards purchase / construction of a residential house property in India. It is immaterial whether the house property is in the name of self or his son.
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