Section 54/54f

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aravind (Querist)
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11 August 2013 Hai Friends,

Please clarify this.

A HUF owns a residential house and it is a long term capital asset. That asset is sold by HUF and to avail exemption u/s 54 a new hose is purchased. On whose name it should be purchased. whether it should be purchased in the name of karta or it is sufficient if it is purchased in the name of any coparcener. because Karta dont have any income and the coparcener is eligible for a loan, they want to buy a property in the name of that coparcener.

last question- what will be the case if the long term capital asset sold is a residential plot and want to take shelter u/s 54F by purchasing the new hose property.