17 December 2012
No, he is eligible for deduction since he will be the deemed owner of the property and id all the income generating from the property is taxable in the hands of the assessee then he would be eligible for deduction u/s 54
17 December 2012
Also I found a Case law for reference-
Section 54 of Income-tax Act, 1961 Even though assessee purchased new property not in his name but in name of his wife, relief under section 54 could not be deniedThird ITO v. S. Vardarajan [1989] 33 TTJ (Mad.)
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