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Exemption u/s 54 allowed if purchase amount paid by assessee irrespective of name on agreement of Son
Case Law Details
- Case Name
- Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore)
The issue under consideration is that if the assessee reinvested capital gains in purchase of new residential house in the name of assessee and his son together then whether assessee in entitle to the full amount of exemption u/s 54?
As per Section 54, it mandates that the new asset should be purchased by the Assessee and it does not stipulate that the house should be purchased in the name of the Assessee only.
ITAT have noticed that the entire consideration towards purchase of new residential house has flown from the bank account of the assess...
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