Section 54F of the Act provides that if a tax payer invests the sale proceeds received from the sale of any capital asset for buying a residential property; the long-term capital gains on sale of the property would be exempt.

2) section 54F being a beneficial provision, enacted for encouraging investment in residential houses should be liberally interpreted to include investment done in the daughter name too.

3)The Delhi High Court observed that section 54F does not require that the new residential property should be purchased in the name of the tax payer; it merely says that the tax payer should have purchased / constructed a ‘residential house’.

4) you can claim exemption from LTCG in 2018-19

5) daughter can claim deduction on interest paid on housing loan

You can claim benefit of long term capital gains under section 54 of income tax act on sale of flat

The capital gains have been used by you in purchase of one flat only in joint names

t may be noted that section 54F of the Act requires that in order to claim exemption, the residential house should be purchased by the tax payer, but does not stipulate that the house should be purchased in the name of the tax payer only. Moreover you have not purchased the new house jointly in the name of a stranger or somebody who is unconnected with you.

There are high court of Delhi and Andhra pradesh judgments in this regard.

the Andhra Pradesh High Court where in it was observed that the object of granting exemption under section 54 of the Act is that a person who sells a residential house for the purpose of purchasing another convenient house must be given exemption so far as capital gains are concerned.

Thus it is clear that you can claim exemption under section 54F of IT act for the capital gains you have earned.

Your daughter can claim deduction of interest to the amount invested by her.

In case of beneficial joint ownership, each joint owner would be regarded as a beneficial owner of the property in the proportion of the cost of the property borne by her to the total cost of the property.

I wish to add that the LTCG of R's 35 lakh is from selling my one of my old flats. At present I have two more flats in joint name with my wife.

One of the exemptions for long-term capital gains is under section 54F of the Income-tax Act, 1961. It provides for exemption of long-term capital gains on transfer of any asset, if the net sale consideration is reinvested in acquisition of a residential house.

You should not own more than one residential house at the time of sale of the original asset.

To claim full exemption the entire sale receipts have to be invested.