Deduction u/s 54F cannot be denied if a person holding one more residential property in joint name

Advertisement Shree Anil Dev Vs DCIT (ITAT Bangalore) Conclusion: Disallowance of assessee’s claim for deduction under section 54F on the ground of assessee holding one more residential property in joint name along with his wife, could not be sustained as although in purchase deed, name of assessee was also there along with name of wife and purchase consideration of second residential property was paid by her out of joint/her individual bank account however, assessee’s wife was having sufficient own funds in that joint bank account received as her share in sale proceeds of share...