Exemption u/s 54F cannot be denied merely for Property Purchase in wife name

Shri Vivek Jain Vs. DCIT (ITAT Jaipur) Facts of the Case During the course of assessment proceedings, the assessee was asked to show cause as to why the claimed u/s 54F of the Act, 1961 may not be disallowed, as the property was not owned in the name of assessee. In response, the assessee submitted that the consideration for such property was paid out of repayment of advance belonging to the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it was further submitted that the new residential house need not be purchased by the assessee in his own name nor is it necessary that it...