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54F - Joint Ownership

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Indira

1401 Points Posted on 03 March 2022

Assessee has sold his shares and has invested in a new residential property. To claim exemption under Section 54F, the assessee cannot own more than one residential property on the date of transfer, other than the one sold.

Now if the assessee has joint ownership in one more property and full ownership in one property, will he eligible to claim exemption under Section 54F.

Thanks

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Quick Summary

This discussion explores the eligibility for Section 54F capital gains tax exemption when an assessee sells shares and invests in a new residential property. The key question is whether having joint ownership in one property and full ownership in another, besides the one sold, disqualifies the assessee from claiming the exemption under Section 54F. The consensus is that this scenario would make the assessee ineligible.