Section 54F deduction fully allowable despite property purchase in joint names

Shri Bhatkal Ramarao Prakash Vs ITO (ITAT Bangalore) Conclusion: Assessee was entitled to the benefit of deduction u/s.54F to the whole extent of investment in purchase of new asset, even though property had been purchased in the joint names of assessee, his wife and son. Held: The issue was whether deduction u/s. 54F had to be restricted to only 1/3rd of the cost of acquisition of the new asset for the reason that assessee purchased the property along with the name of his wife and son shown as purchaser in the document under which the property was purchased. Revenue claimed that the purchase...