Sir, Assessee an individual sold shares and earned long term capital gains (AY 2024-25). Invested in two adjoining flats by two seperate agreements, making two flats as one. Whether can claim exemption u/s 54F - refer word ONE residential house in Sec 54F. Please provide supportive case laws
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a) Whether deduction u/s 54/54F is available to the assessee if the investment is made in the residential house in the name of son, out of capital gain/net consideration arose on acquisition of his inherited farmland (agriculture) by the Government? b) Whether son has to face any taxation on account of purchase of flat or any other tax consequences?
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An assessee is owning old residential house and also plot of land. Both the assets are long term capital assets. Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct new house. Can assessee claim Long term capital gains exemption u/s. 54F arisen from sale of plot against the construction of new house in place of old demolished house . Also As the construction of new house will require handsome amount, Assessee's Daughter in law which she is also having Plot of land will sell said plot and…
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Sec 54F, capital gain, investment in residential house