Section 54F deduction fully allowable despite property purchase in joint names

Shri Bhatkal Ramarao Prakash Vs ITO (ITAT Bangalore)

Conclusion: Assessee was entitled to the benefit of deduction u/s.54F to the whole extent of investment in purchase of new asset, even though property had been purchased in the joint names of assessee, his wife and son.

Held: The issue was whether deduction u/s. 54F had to be restricted to only 1/3^rd of the cost of acquisition of the new asset for the reason that assessee purchased the property along with the

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