Capital gain exemption under section 54

This query is : Resolved

Yogesh (Querist)
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21 January 2014 Capital gain arises in the hands of "Mr.X" and for claiming exemption under section 54 ,the asseessee Mr.X purchased new house but registerd in the name of his Son "Mr.Y" only.

Can AO disallowed the exemption?

Is there any case law on this topic then please provide.

Thanks in Advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 January 2014 there are case-laws on both sides by different bench of tribunals.

for your benefit, you may refer to CIT Vs. Natarajan (287 ITR 271)(Mad)

CIT-XII Vs. Kamal Wahal (2013)(84 CCH 024)(Delhi)

Shri N.Ramkumar Vs. ACIT (ITA No.1901/Hyd/2011) dated 10-08-2012.

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