No section 54 deduction on Property purchased in the name of married daughter

Bhaskari Madhavan Vs ITO (ITAT Chennai)

As per provisions of section 54 of the Income Tax Act, 1961, the assessee can claim benefit of deduction, in case, sale consideration received from transfer of original asset was invested in purchase of another residential house property. As per plain reading of section 54 of the Act, it is very clear that investment should be made in the name of the assessee to get benefit of deduction. However, various courts, including the Hon’ble Madras High Court in the case of CIT vs. V.Natarajan (supra) had taken a lenien

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