{"id":31497,"date":"2022-12-29T16:08:57","date_gmt":"2022-12-29T10:38:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=31497"},"modified":"2022-12-29T16:08:57","modified_gmt":"2022-12-29T10:38:57","slug":"exemption-of-capital-gain-u-s-54f","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/exemption-of-capital-gain-u-s-54f\/","title":{"rendered":"Exemption of capital gain u\/s.54F"},"content":{"rendered":"<p>An assessee is owning old residential house and also plot of land.\u00a0 Both the assets are long term capital assets.\u00a0 Assesseee wants to sell plot of land and from the sale proceeds, assessee will demolish old residential house and wants to construct\u00a0 new house.\u00a0 Can assessee claim Long term capital gains exemption u\/s. 54F\u00a0 arisen from sale of plot against the construction of new house in place of old demolished house .<\/p>\n<p>Also As the construction of new house will require handsome amount, Assessee&#8217;s Daughter in law which she is also having Plot of land will sell said plot and then afterwards Assessee\u00a0 will demolish old house and thereafter will gift 50% share in plot of land (on which new house will be constructed) to her Daughter in law.\u00a0 In such a case, can assessee and her daughter in law, both can claim the exemption of long term capital gain u\/s 54F by constructing new house in their joint names by selling two different properties.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[774,368],"class_list":["post-31497","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-54f","qa_tag-capital-gain"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/31497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=31497"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31497"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=31497"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=31497"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=31497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}