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Full Section 54F exemption despite purchase in joint name
Case Law Details
- Case Name
- Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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Advocate Akhilesh Kumar Sah
Assessee was entitled to full exemption under section 54F when the full amount was invested by the assessee even though the property was purchased in the joint names for the sake of convenience
Recently, in Jitendra B. Faria, Mumbai vs. ITO, Mumbai [ITA No.6792/Mum/2016, decided on 27 April, 2017] for the A.Y. 2010-11, assessee was in appeal before ITAT, against the order of CIT(A) in directing the AO to tax the entire capital gains on share of old property in the hands of assessee as against 50% assessed by the AO.
Facts in brief:
In the above appeal, the assesse...
