Exemption u/s. 54F & purchase of share of husband in plot

Sita Jain & Ors. Vs. ACIT & Anr. (ITAT Delhi) – We have duly considered the rival contention and gone through the record carefully. The Hon’ble Punjab & Haryana High Court in the subsequent decision has upheld grant of exemption u/s 54B in a case where land was purchased in the joint name. The ITAT had discussed this issue in the case of Smt. Saraswati Swaminathan reported in 116 ITD 234 and has observed that the object of section 54EC is to utilize the sale proceed of long term capital gain in the purchase of specified bonds. The Tribunal has considered the scheme of such ...