Benefit U/s. 54 / 54F on property jointly held by assessee with wife for Security Purposes

CA Sandeep Kanoi Issue for consideration is in relation to allowing deduction under sec. 54 of the Act in respect of the whole of the amount invested by the assessee in the purchase of residential house. The assessee purchased residential property at C-602, The Residency, Ardee City, Gurgaon in joint name with his wife Smt. Ritu Verma and claimed deduction under sec. 54 of the Act in respect of amount of Rs. 80,00,000/- invested in residential property. However, the AO restricted the deduction under sec. 54 to the extent of Rs. 40,00,000/- as the property was jointly held by the assessee with ...