Deduction U/s 54 /54F
This query is : Open
CA Rakhi Govil
(Querist)
21 January 2010
An Assessee has sold residential house.Due to his severe illness, he purchased a new residential house in the name of his wife.My question is that whether he can claim deduction U/s 54.Whether there is any High Court/ Supreme Court decision on this situation. Please quote the relevant one.
CA Vijay Kumar Gupta
(Expert)
21 January 2010
No
CA Ravi Sisodia
(Expert)
21 January 2010
no, can'nt claim
21 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).
Citation:-
Prakash Vs. ITO [2008] 173 Taxman 311 (Bom).
CA Rakhi Govil
(Querist)
28 January 2010
thanks
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