Sec 54 exemption

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Dhruv K Chandwani (Querist)
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17 December 2012 if a transferor purchases new property in name of his wife can he claim exemption u/s 54

please give any case ref

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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17 December 2012 No, he is eligible for deduction since he will be the deemed owner of the property and id all the income generating from the property is taxable in the hands of the assessee then he would be eligible for deduction u/s 54

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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17 December 2012 Also I found a Case law for reference-

Section 54 of Income-tax Act, 1961 Even though assessee purchased new property not in his name but in name of his wife, relief under section 54 could not be deniedThird ITO v. S. Vardarajan [1989] 33 TTJ (Mad.)

Dhruv K Chandwani

Dhruv K Chandwani (Querist)
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19 December 2012 Thankyou for the case and suggestions

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