Slump sale

[Rakesh Bansal]

Whether a proprietor making slump sale of his business concern with long term asset can avail benefit of exemption under section 54F by way of investment in resi house or other wise establishing a new industry.The proprietor has one house at present. Whether he can purchae this house or industry  in the name of family members.

[DR.MARIAPPAN GOVINDARAJAN]

Have you got clarified in the above said issue? If not please inform.

AI Summary

Capital gains exemption eligibility for slump sale: residential acquisition or family named industry investment questioned. Query whether a proprietor who effects a slump sale including a long term asset may claim the exemption under section 54F by investing in a residential house or by establishing a new industry, and whether acquisition in the name of family members affects eligibility.