Regarding exemption u/s 54f
This query is : Resolved
Neha Virkar
(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?
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.
26 November 2016
Highcourt decision .
26 November 2016
Please refer other case laws pertaining to this section.
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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