Section 54f
This query is : Resolved
08 February 2018
Hai All,
One of my assesse has sold agricultural land which is within municipal limits. She has transferred the amounts to her sons, and the same has been invested by them u/s54F by constructing 2 houses. However the A O has rejected the claim. Can anyone share any case laws in support of reinvestment in their sons name
One of my assesse has sold agricultural land which is within municipal limits. She has transferred the amounts to her sons, and the same has been invested by them u/s54F by constructing 2 houses. However the A O has rejected the claim. Can anyone share any case laws in support of reinvestment in their sons name
09 February 2018
Section 54 speak of investment in residential house property, that too only by an assessee, being an individual or an Hindu Undivided Family. The statutory provision as such does not include assessee's wife or assessee's children.
However, the Courts have taken a liberal interpretation of the statutory provisions and extended the exemption available under section 54 to the assessee, even in the cases of investments in the names of spouse and minor children of the assessee. You can refer following case laws:
Girish Dharod v. Assistant Commissioner of Income-tax, Circle-1(2), Hyderabad*
HIGH COURT OF RAJASTHAN - Laxmi Narayan v.Commissioner of Income-tax, JP-II
However, the Courts have taken a liberal interpretation of the statutory provisions and extended the exemption available under section 54 to the assessee, even in the cases of investments in the names of spouse and minor children of the assessee. You can refer following case laws:
Girish Dharod v. Assistant Commissioner of Income-tax, Circle-1(2), Hyderabad*
HIGH COURT OF RAJASTHAN - Laxmi Narayan v.Commissioner of Income-tax, JP-II
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
