LTCG Exempt if Property purchased in name of Son?

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  1. Hemant Chadha

    Hemant Chadha New Member

    Dear All,

    My father owns a residential house property. He wants to sale it for Rs.80 lacs which was acquired in year 1990 for Rs. 2.50 lacs.
    Now, he wants to buy a property of Rs. 60 lacs would wants to get the same registered on my name. What is the Tax treatment for Long Term Capital gain arising in hand on my father? Is section 54 applicable where the new residential house property is purchased in some other person name or co-ownership?
  2. Karan Batra

    Karan Batra Well-Known Member

    The benefit of Capital Gains Exemption under Section 54 would be available only if the property is purchased in the name of the father and not in the name of the son.
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