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

Capital gains exemption: whether reinvestment in residential flats by joint vendors secures full exemption under Sections 54-54F. Query whether capital gains exemption under Sections 54-54F applies to sale of a jointly held residential plot gifted over ten years ago, where co-owners propose reinvesting their respective shares in residential flats in another city; and whether both brothers can each purchase a flat and treat the entire capital gain so as to obtain full exemption, considering joint ownership, gifted origin of the asset, the ancestral house remaining in the late father's name, and the parties' senior-citizen status.