An assessee individual sold a property and invested the sales proceeds in a flat, but since he was intending to gift that new flat to his son he directly purchased the new flat in the name of son. Whole of the purchase amount was paid by the assessee, the father. Is the assessee eligible to claim exemption u/s 54F?
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Regarding exemption u/s 54F
Replies (5)
yes .. the same has case law .. i think its name is N Govindaraju (SC) .. here legal ownership not req but beneficial ownership req to claim exe u/s 54F .. regards CS PIYUSH JAIN
Correction - latest case law for the same is KAMAL WAHAL .. not the above
Yes the assessee can claim the exemption as there is beneficial ownership
Yes the assessee can claim the exemption as there is beneficial ownership
Thank you very much
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