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capital gains exemption u/s 54f

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(Querist)
18 January 2010 an individual has sold a long term capital asset and purchased a residential house property within the time limits prescribed u/s 54F on the name of her daughter due to horoscopic reasons and made a MOU for the same, is exemption u/s 54F available to him???
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Bimal Thacker

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Bimal Thacker (Expert)
18 January 2010 No, Investment should be in his/her own name
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 January 2010 Residential house must be in the name of the assessee only - For qualifying for the exemption under section 54F, it is neces­sary and obligatory to have the investment made in residential house in the name of the assessee only.
Citation:-
Prakash Vs. ITO [2008] 173 Taxman 311 (Bom).
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
18 January 2010 agree with Mr. Warrier
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
18 January 2010 Agree
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