guru (chartered accountant) (61 Points)
23 February 2010My client has sold long term capital asset. He is going to invest consideration in residential house and avail 54F.
But, new house will be jointly in name of him and his brother.
Shares will be separately mentioned in sale deed.
Consideration will be paid by them separately as per their share.
Whether he can get benefit of 54F?
Amir
(Learner)
(4016 Points)
Replied 23 February 2010
Dear Sir,
Exemption u/s 54F will be AVAILABLE as long as assessee is the owner (or co/joint owner) in the new house.........
C.Balaji
(Learner)
(1867 Points)
Replied 23 February 2010
Yes......
Exemption u/s 54F is available for co-ownership...........Assessee should be a joint / co owner....
guru
(chartered accountant)
(61 Points)
Replied 23 February 2010
thanks for reply but any of u have case law / text w.r.t. this issue.
I have referred one case but it can have bounce back too. 280ITR243 - RASIKLAL N. SATRA.
PLS LET ME KNO IF THERE IS ANY CASE DIRECTLY RELATED WITH.
Ameet
(L)
(1678 Points)
Replied 23 February 2010
EXMPTION WILL BE APPLICABLE TO THE EXTENT OF INVT MADE BY ASSESSEE.
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