Relief Under Section 54

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Rajkumar (Querist)
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08 May 2009 An assessee (Mr. X) has a residential house property which he sells and books LT capital gain in the process. He immediately invests the sale proceeds in another residential property in compliance with the provisions of section 54. However, the investment is now made in the the joint names of Mrs. and Mr. X OR in the joint names of Mr. X and his son, Mr Y. Would Mr. X be entitled to relief under section 54 in such a scenario?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 May 2009 Case is debatable. However,the following cases laws is favourable to Mr X

1) V.Natarajan 287 ITR 271(Mad).Here the assessee acquired new house in the name of his spouse and deduction u/s 54 allowed to assessee.

2) ITO.Vs S.Varadarajan (1989) 33 TTJ (Mad)166. Crux is,exemption should not be denied on the technical ground that the documents of new house was not in the name of the assessee.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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09 May 2009 I agree with warrier sir on account of the judgements given by the courts.

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