Section 54/54F: New residential house need not be purchased by assessee in his own name

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai)

The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on by the assessee in the case of CIT v. Shri Kamal Wahal 351 ITR 4 (Del), wherein, it was held that the new residential house need not be purchased by the assessee in his own name nor is it necessary tha

Please become a Premium member. If you are already a Premium member, login here to access the full content.