section 54f

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  1. midha

    midha New Member

    A commercial property worth more than 50 lakhs has been sold by a widow after the sad demise of her husband and to supplement the income a residential property has been purchased for the consideration more than the sale proceeds of commercial property and part of the finance has been provided by the daughter who is now co-owner. She already has one house and the new house has been let out. Whether the benefit under section 54F is available
     
  2. Karan Batra

    Karan Batra Well-Known Member

    The above exemption shall be available only when the taxpayer does not own more than 1 Residential House Property on the date of transfer of such asset exclusive of the one he has bought for claiming exemption under section 54F.

    Therefore, in the above case the widow can claim the exemption.

    Please note that the exemption would only be available for the amount invested by the widow and the amount invested by her daughter won't be eligible for exemption under Section 54F
     
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