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Section 54F Exemption available even if investment is made under joint name with spouse
Case Law Details
- Case Name
- Commissioner Of Income Tax Vs Ravinder Kumar Arora (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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CIT Vs. Ravinder Kumar Arora (Delhi HC)- Section 54F mandates that the house should be purchased by the assessee and it does not stipulate that the house should be purchased in the name of the assessee only. Here is a case where the house was purchased by the assessee and that too in his name and wife‟s name was also included additionally. Such inclusion of the name of the wife for the above-stated peculiar factual reason should not stand in the way of the deduction legitimately accruing to the assessee.
Objective of Section 54F and the like provision such as Section 54 is ...
I sold my residential house in January 2012, and have deposited the entire proceeds in the Capital Gains Acct. A in Corporation Bank which is issuing cheques to constructor of a house for me in instalments as the work progresses. In my returns for AY 2012-13, under what head should I show the proceeds of the sale of the house to ensure that no Capital Gains tax is levied now itself, before my new house gets constructed by end October 2012?
The above case reports are extremely helpful to me as I have done exactly the same: sold my residential house and have bought registered a site for house construction in the name of my wife and myself. My wife is a housemaker and not a tax paper, but her name is included only to ensure that she faces no problems in the event of anything happening to me. It is a precaution that is taken by everybody in the interest of his or her family. Income Tax AO of the type who followed a rigidly technical angle and cause harassment of this kind should not be allowed to remain in the Department. They cause so much of hardship to honest tax payers.