Section 54 Exemption allowable even If Investment made in Joint Name of Husband

Smt. Waheeda Asif Abbas Vs The ITO (ITAT Chennai)

The Assessing Officer disallowed the claim of the assessee under Section 54F of the Act on the ground that the assessee’s husband was not having any share in the property sold by the assessee. Since the investment was made in the name of the assessee and her husband, the Assessing Officer restricted the investment to the extent 50%. This Tribunal is of the considered opinion that under the common law, assessee and her husband are one and same. Therefore, when the investment

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