My mother wanted to claim exemption U/s 54F by purchasing new residential house/flat. She has never purchased any residential property under her name but she inherited her materal house( after death of her mother , owner of the house was her mother ) "Rights" (25% share , rest share is divided equally among her father and two siblings). This property is maternal one and has no interest to self occupy it , her brother and his family now lives there. We can even execute release deed now for income.tax complication
Now coming to clause in section 54F . One should not own more than one house other than new asset to claim deduction.
Now coming to second point :- our self occupied property was in on our Late father's name. But we didn't completed process of succession to enter our name for the process of mutation. The house is sti on our fathers name
Will incom tax count her residential property as total no of 2? ( Inherited from materal side and the one which we are residing although it's not on our name but as it is self occupied) and deny the exemption claim us 54f?
CAclubindia
