Provisions of Section 54 to 54F

[Guest]

Myself and my brother jointly won a residential plot of land which was gifted by our unmarried Aunt through transfer deed more than 10 yrs back. We now intend to sell the property. I intend to invest my share of the gain in purchasing a flat at another city in India. Presently we are all staying in our ancestral house jointly which is in the name of our late father - the property is yet to be transferred in our( both brothers') name. What are the scope of obtaining maximum tax exemption under Capital Gain. Incidentally all three(including aunt) of us are senior citizens. Please advice. Another point: can we, the two brothers, go for purchasing a flateach out of the entire capital gain u/s 45F to get the total tax examption benifit ?

AI Summary

Brothers Seek Tax Exemption Advice on Selling Jointly Owned Property and Buying Separate Flats Under Section 54F Two brothers, who jointly own a residential plot gifted by their aunt over a decade ago, plan to sell it. One brother intends to invest his share of the proceeds in purchasing a flat in another city. They currently reside in their ancestral house, which is still in their late father's name. They seek advice on maximizing tax exemptions under capital gains provisions, specifically whether both can purchase separate flats using the entire capital gain to obtain full tax exemption benefits under Section 54F. All parties involved are senior citizens.