Hello All
My widow mother (senior citizen) sold her sole residential property in May-2016 for 50 lakhs. Now she would like to purchase a new residential property for 52 lakhs jointly with me. However she would contribute 100% to purchase this new joint residential property.
Will she get 100% exemption under Section 54F for long term capital gains?
Secondly, in this case, will the I-T department ask me as to how I purchased a new joint residential property? How should I reply or reflect in my I-T returns?
Thank You
