Deduction u/s 54

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CA DIMPLEKUMAR V. SHAH (Querist)
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14 February 2015 Suppose A = Assessee(Father), B= grand Father, C = yonger Son, D=elder son

Assessee(A) having Resi House Prop. which he has got ancestrol from his Father(B). Sold the same property & purchased new property in the name of Son(C). ( earlier one ancestrol peoperty already tranfered by grand father(B) to assessee's(A's) Elder son(D). so Assessee(A) for safegurding interest of other son(C) , assessee(A) has purchased new house in the name of second son(C) Whether deduction u/s 54 is available to assessee(A) ????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 February 2015 Yes. As per the decision in DIT Vs. Ms. Jennifer Bhide [2011] 203 Taxman 208 (Kar).

CA DIMPLEKUMAR V. SHAH

CA DIMPLEKUMAR V. SHAH (Querist)
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14 February 2015 Here sir there is no name of Assessee himself or purchased jointly. The case is Assessee has invested/purchased new house solely in the name of his son. No doubt money paid out of bank a/c of assessee. The case you have quoted in which assessee is one of the joint owner. Here no such situation.

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