Sec 54 exemption
This query is : Open
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
please give any case ref
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
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.)
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.)
19 December 2012
Thankyou for the case and suggestions
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