Regarding exemption u/s 54F


Articleship

An assessee individual sold a property and invested the sales proceeds in a flat, but since he was intending to gift that new flat to his son he directly purchased the new flat in the name of son. Whole of the purchase amount was paid by the assessee, the father. Is the assessee eligible to claim exemption u/s 54F?

 
Reply   
 
Practising Company Secretary

yes .. the same has case law .. i think its name is N Govindaraju (SC) .. here legal ownership not req but beneficial ownership req to claim exe u/s 54F .. regards CS PIYUSH JAIN

Total likes : 1 times

 
Reply   
 
Practising Company Secretary

Correction - latest case law for the same is KAMAL WAHAL .. not the above
 
Reply   
 
Finance head

Yes the assessee can  claim the exemption as there is beneficial ownership

 
Reply   
 
Finance head

Yes the assessee can  claim the exemption as there is beneficial ownership

 
Reply   
 
Articleship

Thank you very much 

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU