54F Exemption

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  1. yugigupta

    yugigupta New Member

    Respected All, I have a plot A which is in the name of my huf. I want to sell this plot and use a part of the proceeds to construct a house on plot B which is in the name of individual. I went to a lawyer and he said that I can not get exemption under section 54 F. Is he right. ? Also if he is right, can I transfer the plot B in name of huf by way of gift before selling plot A. And then after selling plot A, use a part of the proceeds to construct house on plot B. Then will I be able to get an exemption under section 54 F. Also the other conditions of the section are satisfied. Please let me know. Thanxxx in advance :)
     
  2. Yes, the lawyer is correct.

    Plot B should be in the name of the HUF to be eligible to claim exemption
     
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