Hi all, kindly guide me on the following.
A women aged 101 had 2 acres of land which was acquired by National Highways and she was compensated with 84 lakhs but not to her, to their 3 sons, as she died by the time compensation was distributed. one of the son Mr.A aged 75 years bought a residential house in his son,s name and wishes to claim exemption of capital gain u/s 54. His claim was that as her mother is nearly 101 years old he bought the residential house in the name of her grandson to avoid any legal hurdles in case of her death. As feared by him, the old lady died.
now my query is could Mr.A can claim exemption u/s 54? Is there any case law for it?
CAclubindia
