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Regarding exemption u/s 54f

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(Querist)
25 November 2016 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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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Expert)
26 November 2016 section 54F is a benefit section and no where it is mentioned that assessee should invest in his own name. Please refer Commissioner of Income Tax Vs Kamal Wahal . As there is no supreme court decision regarding this, we can rely on highpoint decision.
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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Expert)
26 November 2016 Highcourt decision .
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CA ANILKUMAR B.COM FCA DISA

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CA ANILKUMAR B.COM FCA DISA (Expert)
26 November 2016 Please refer other case laws pertaining to this section.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 November 2021 To avoid any such future litigation, it is advisable to purchase the new property in joint name.
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