Hello,
I, my brother and my mother sold our ancestral agricultural land (which comes under the urban zone now). and to save capital gain tax wish to invest in the purchase of a residential house under 54F.
Can we avail exemption under 54F if we jointly purchase a residential flat/house (under construction) by investing net sale consideration into it (1/3th proportionate share in buying a residential house)
As we do not have any residential house in our name, the self-occupied house, is in my father's name & he died in 2020 but the title owner has not changed yet.
EXEMPTION UNDER 54F BY PURCHASING NEW ASSET JOINTLY
KALPESH JOSHI (215 Points)
31 October 2021