Sec 54 Exemption for Purchase in name of Son?

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  1. prasanna kumar myla

    prasanna kumar myla New Member

    THE CAPITAL GAINS FROM SALE OF OLD ASSET BY PARENT AND THEN SUCH MONEY IS UTILIZED FOR THE PURCHASE OF PROPERTY IN THE NAME OF THEIR SON AGED 30 WITH IN 1 YEAR FROM THE DATE OF SALE CAN ELIGIBLE FOR EXEMPTION IN THE HANDS OF PARENT UNDER SEC 54 ?
     
  2. ZED

    ZED Well-Known Member

    In my personal opinion, exemption can be allowed but some judgements have held that exemption should not be allowed because it was not purchased in the assessees own name.
    Some judgement have held that only those cases which are in accordance with the provisions of Benami Transactions (Prohibition) Act can be allowed for exemption while others can not.

    I personally am in favour of allowing it.
    What is your jurisdiction? In which State do you live?
     
  3. prasanna kumar myla

    prasanna kumar myla New Member

    andhra pradesh sir,krishna district
     
  4. ZED

    ZED Well-Known Member

    In which F.Y did the transfer took place?
    If its not is F.Y 2016-17 then I would like to delay the matter by a few days.
     
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