Section 54 exemption cannot be denied for acquiring new house in wife’s name

Income Tax Officer Vs Shri Julius (ITAT Chennai) ITAT held that acquisition of new house in wife’s name would not jeopardise Section 54 exemption claim of the assessee as sale proceeds is utlised for construction of house property Another undisputed fact is that the amount of capital gains earned by the assessee has been utilized towards construction of house property though the new house property has been acquired in the name of the assessee’s wife. However, the same, in our considered opinion, would not jeopardise the claim of the assessee considering the fact that the utilisation of sal...