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Section 54 f

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 February 2013 Dear Sir,
Recently I sold equity shares worth Rs 11 lakh approx and transferred the the entire amount in the savings bank account of my wife where I am the second holder.within a month or so I booked an under construction flat for Rs 22 lak and paid Rs 15 lakh till date.My wife received some amount as loan from my brother.The flat has been booked in my wife's name and the money has been paid from the above mention-ed account.My wife is also an assessee.

My question is

1)Will I be able to claim exemption u/s 54F as the booking is in my wife's name.

2)If not what should I do to be able to claim the exemption.Can I say that although the booking is in my wife's name but the major funds flowed from my end.
3)will the I.T. Dept look up our bank statements also to convince themselves.

pl. rep. soon.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 February 2013 Yes you are very much entitled to claim exemption U/s 54F even if the house has been purchased in the name of your wife.
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