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Section 54F Allowed Even When Property Purchased in Sister’s Name – Subsequent Gift Validates Claim
Case Law Details
- Case Name
- DCIT Vs Revanth Challagalla (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Hyderabad
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DCIT Vs Revanth Challagalla (ITAT Hyderabad)
Section 54F Allowed Even When Property Purchased in Sister’s Name – Subsequent Gift Validates Claim
In this case, the ITAT Hyderabad upheld the allowance of deduction under Section 54F despite the property being initially registered in the name of the assessee’s sister. The assessee, an NRI, had sold villas and invested the capital gains in a residential property, with the entire consideration paid from his own funds. Due to practical constraints (being abroad), the property was registered in his sister’s name, supported...
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