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HUF can’t claim deduction u/s. 54F for property purchased by Individual in his individual capacity
Case Law Details
- Case Name
- Vipin Malik (HUF) Vs CIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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RELEVANT PARAGRAPH
The appellant/assessee, which is a HUF, sold its agricultural land for Rs.14,28,400/ – in September, 1995 giving rise to a long term capital gain of Rs.9,67,412/ -. The assessee claimed that the capital gain be not charged as it was entitled to the benefit of Section 54-F of the Income Tax Act, 1961. The ITA No.1241 /2007 Page 2 assessee claimed to have purchased a three bed room flat in Kanungo Cooperative Group Housing Society and, therefore, claimed the entitlement for the benefit of Section 54-F of the Act. All the three authorities below namely, t...
Would like to get clarification on section 54 F
My client has sold long term capital asset. He is going to invest consideration in residential house and avail 54F.
But, new house will be jointly in name of him and his brother.
Shares will be separately mentioned in sale deed.
Consideration will be paid by them separately as per their share.
Whether he can get benefit of 54F?
i have sold my agriculture land at the village having(grampanchayat)which was in HUF status for 17 lacs on 31 january 2010.it is about 3.5 km away from my village and outside the gaothana area and population of my village according to census is 9672.Do i as a karta of HUF have any tax liabilities.the purchase price of the land was 35800/- about 20 yrs before shown in my huf records.I am in pune . now can i transfer this amount to my son for purchasing a flat in pune in 1-2 yrs to come? please advise. thanks Shah s R