16 March 2009
my client has already two houses and he bought one more house to claim 54f.
is it easy to hide one house in scrutiny.
Can he gift one former house to his elder son in back date by writting a written gift agreement. so that he will be eligible to claim exemption u/s 54f.
If NO, than how can he manage his capital gain.
1. i want to confirm that any clubbing provisions would not be applied to the above case.
16 March 2009
Old house can be gifted in back dates, there is no problem with that. However, it depend upon to you how you would prove before the ITO that the house was orignally gifted to the elder son on the said date if the scrutiny starts.
There is also one more option to save the capital gain tax is INVESTMENT IN CERTAIN BONDS defined u/s 54EC.
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