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Section54 f

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(Querist)
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
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Arpit

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Arpit (Expert)
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
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