Section 54F

[Varun Arora]

Dear Experts,

My Query is If i sold out my property and want to avail benefit section 54 F of Income tax Act 1961 But I Invested my sale consideration which was received on account of sale of previous held property in a Property which is in ownership of Assessee's Son with in the stipulated time as mentioned in the Section 54F.

Can I Still eligible to avail exemtion as stated in section 54 F of Income tax Act 1961.

Please enlighten .

Thanks in advance.

AI Summary

Eligibility for Tax Exemption Under Section 54F: Investment in Son's Property Considered Valid Without Capital Gain Account Deposit. An individual inquired about eligibility for tax exemption under Section 54F of the Income Tax Act, 1961, after selling a property and investing the proceeds in a property owned by their son. The individual did not deposit the amount in the Capital Gain Account Scheme but used it for constructing a residential property. A respondent clarified that Section 54F requires investment within a specified timeline but does not mandate the property to be in the assessee's name. They suggested consulting a professional if the amount is significant for practical resolution.