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Exemption u/s 54f

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(Querist)
24 December 2013 mr.A having capital gain of Rs. 70 lakhs
purchased new house in the name of his widow daughter in-law.

can he get exemption u/s 54F?
assessee age is 87 years.

please provide me with some helpful case laws
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
24 December 2013 Exemption is available to Mr. A only. However Mr. A can jointly owned this property specifying fist owner as himself and 2nd as daughter in law. 54 series exemption is for the benefit of ae., which can be concluded from number of cases.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
24 December 2013 it is better to add name of the assessee himself as joint owner i.e mr A in this case else 54F exemption will not allowed.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
25 December 2013 Its better to purchase it in his own name then gift it to his daughter...

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