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

Capital gains exemption under section 54F may apply when sale proceeds are invested in residential property held in relative's name.
Whether exemption under section 54F is available where sale proceeds were invested in construction of a residential property owned by the assessee's son and not deposited in the Capital Gain Account Scheme; the provision requires investment within prescribed timelines either by purchase/construction or deposit in the Capital Gain Account Scheme, and it does not expressly mandate that the property be in the assessee's name, although professional verification is advisable for substantial amounts.