No Section 54/54F Exemption for Property in Adopted Son’s Name

Prakash s/o Timaji Dhanjode Vs ITO (Bombay High Court) Introduction: The Bombay High Court addressed a significant case involving Section 54/54F exemption concerning property purchased in the name of an adopted son. In Prakash s/o Timaji Dhanjode vs. ITO, the court examined the implications of the Income Tax Act and the conditions for claiming capital gain tax relief. Detailed Analysis: The case revolved around the sale of agricultural lands owned by the deceased assessee, Mr. Timaji Sakharam Dhanjode. After the sale, he invested the proceeds in a vacant plot in the name of his adopted son, Pr...