Yes your father can claim exemption under section 54F for the resale ftat purchased in his and your names jointly. Even though he owns one more house propery other then the newly acquired house proper exemption u/s 54F is available to him.
Legal advice
My father has purchase a plot in 1986, how he want to sell the plot and he will invest the sales amount to purchase a resale flat in my and his joint name, is he liable for exemption in capital gain tax for this transaction ( he also own a flat a this movement ) please advice.
Asked 9 years ago in Capital Gains Tax
No, he will not get the benefit for investment in shares.
Yes your father is eligible for exemption if he purchase the property your and his joint name .
Also as per your details he is owning already one house. In income tax act, a person is eligible for exemption also if he already has one house apart from the one he is selling and buying . He is not eligible if he buys a third property.
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