| Question And Answer | |
|---|---|
| Subject: | A SOLD HIS RESIDENTIAL HOUSE FOR 40 LACS ON JAN 2025. COST OF ACQUISITION 13LAC ON AUG 2011 AND A PURCHASE NEW HOUSE WITH THE NAME OF HIS SON AND SPOUSE FOR RS 45 LAC. PLEASE INFORM IS EXEMPTION U/S 54 OF THE INCOME TAX ACT APPLICABLE TO HIM OR NOT |
| Category: | Income-Tax |
| Querist: | VISHNU PANDYA |
| Answered by: | Law Intern |
| Tags: | section 54 deduction |
| Date: | August 2, 2025 |
IS EXEMPTION U/S 54 APPLICABLE IF NEW HOUSE PURCHASE IN THE NAME OF SPOUSE AND SON?
There is no problem with claiming exemption u/s 54 for flat purchased in the name of the spouse and/or son provided the money has been paid from the sale proceeds of the assessee.
There is a detailed reply on the topic given at Investment in the name of Son, exemption?
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