Exemption U/s. 54F cannot be denied for Purchase of Plot in HUF name

Kanaiyalal Muljibhai Patel Vs ITO (ITAT Ahmedabad) The issue before us is, whether the house constructed by the assessee on a plot purchased in the name of HUF, exemption under section 54F, is available to the assessee or not ? The Revenue is of the opinion that for claiming exemption under section 54F, the investment ought to have been made in the assessee’s individual name and not in the name of HUF, because, HUF is a separate taxable entity. On the other hand, stand of the assessee is that new house has been constructed on a plot purchased in the name of HUF, but members of the HUF have ...