HUF Eligible For section 54F Exemption for Property Purchased in Joint Name of Members

S.K. Agarwal (HUF) Vs ITO (ITAT Delhi) It is an admitted fact that during the AY 2015-16, the assessee HUF sold a plot of land and earned capital gain which it claimed exempt under section 54F as the assessee purchased a residential house. The only cause of denial of exemption by the Revenue is that in Sale Deed the names of the two members of HUF also appear along with the name of the assessee HUF and that the assessee failed to prove that other two co-purchasers are members of assessee HUF. On this ground alone the Revenue has negatived the claim of the assessee HUF by making incorrect infer...