Question ID :
40516
Deduction u/s 54
Father and son wish to buy residential property jointly. Father shall be claiming exemption u/s 54 ( he shall sell his owned residential property and invest in new one jointly with son). lets see by example: New property purchased on 25/12/2019 for 1.5 crs
Fathers' estimated capital gain from sale of his old property 40lakhs. Father's residential property has to be sold within one year of the purchase of new property to claim under 54. If he is unable to sell the old property before 25/12/2020, what shall happen? Can he invest in the new property ( for claiming u/s 54 ) by buying 1/3rd share of the new property from his son? What shall be the stamp duty on the same?
Posted by
Pradnya M Oak
on
Dec 25, 2019
Filed Under
Capital Gains
query lacks clarity. How 54 benefit is lost if not sold within 1 year is not clear
Posted by
SIVADAS CHETTOOR on
Jan 22, 2025