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My daughter has got Capital Gain funds, using which, she wish to purchase a flat under income tax act 54F. The seller of the flat is the allotee and has not got Registered the flat in his name. He is selling the flat by transfer in the books of the Builder, who subsequently will get the flat Registered in the name of my daughter. In the process, my daughter is required to make payment to the allotee, whereas, Registration will be done by the builder. 1. Is such purchase legally correct to get Tax exemption u/s 54 F. 2. Is the complete sale proceeds are required to be used for purchase of the flat? Or can be done in part and balance of sale proceeds can be used in other tax saving instruments? 3. What precautions you suggest in the process? Please advise. Warm regards. Col Rajinder Kumar.
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Col Rajinder Kumar
djd
Tenant
I want to know the rent of a Gated Community property in Pune, Wagholi?
posted October 10, 2020 at 10:26 amComment
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