section 54F of Income tax Act 1961

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Durgesh (Querist)
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22 October 2010 X has sold a piece of land and invested in residential house fully, out of the sale proceeds of land.

The residential house was purchased in name of self - X and his son Y.

Dose he violate the conditions of Sec. 54F.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2010 Yes.
Citation :- Prakash vs. ITO (2008) 173 Taxman 311(Bom).

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taxindiaconnect

taxindiaconnect (Expert)
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22 October 2010 BC Sir there is a difference in the situation by Durgesh and the case law mentioned by you is that in this case the new property was purchased in the name of the son of the assessee where in the situation mentioned by Durgesh the assessee's son is only a co-owner / joint owner. In this case there is a ray of hope for arguing the investment is made in the name of assessee only while the sons name in registration document is a procedural aspect only.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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22 October 2010 Sir

I know the facts of the case. The land sold was also an agricultural land. But the intention of the legislature, to my understanding, is reinvestment should be in the name of assessee only. However sir, there is also a decision similar to your view in regard to section 54 concerning reinvestment in the name of assessee and wife. Thanks for giving a ray of hope to the assessee.

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Durgesh

Durgesh (Querist)
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25 October 2010 sir,
Thank you for your quick response,
Can you give the citation of the case.
supporting your view

please note second name of son Y is added only for purpose of easy procedural aspect (for transfer of property) in case of death of father.

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section 54F of Income tax Act 1961

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