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Case Law Details

Case Name : Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore)
Related Assessment Year : 2016-17
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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.

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