An immovable property in the name of minor is sold during the FY 2018-19 the capital gain on which will be clubbed in the hands of his parents. Now, to claim an exemption U/s 54F whether the entire sale consideration needs to be reinvested in construction/purchase of Residential premises in the name of the minor or his parent in whose income the capital gain is clubbed?
1 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 16 July 2018
first the total income (after all exemption and deduction) of the minor children is to be computed and then such total income only of the minor children is to be clubbed with the income of the parent.So to claim exemption u/s 54F investment should be in minor name.
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