Deduction u/s 54

This query is : Open

CA DIMPLEKUMAR V. SHAH (Querist)
Follow

14 February 2015 Suppose A = Assessee(Father), B= grand Father, C = yonger Son, D=elder son

Assessee(A) having Resi House Prop. which he has got ancestrol from his Father(B). Sold the same property & purchased new property in the name of Son(C). ( earlier one ancestrol peoperty already tranfered by grand father(B) to assessee's(A's) Elder son(D). so Assessee(A) for safegurding interest of other son(C) , assessee(A) has purchased new house in the name of second son(C) Whether deduction u/s 54 is available to assessee(A) ????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

14 February 2015 Yes. As per the decision in DIT Vs. Ms. Jennifer Bhide [2011] 203 Taxman 208 (Kar).

CA DIMPLEKUMAR V. SHAH

CA DIMPLEKUMAR V. SHAH (Querist)
Follow

14 February 2015 Here sir there is no name of Assessee himself or purchased jointly. The case is Assessee has invested/purchased new house solely in the name of his son. No doubt money paid out of bank a/c of assessee. The case you have quoted in which assessee is one of the joint owner. Here no such situation.

Upgrade to CAclubindia Pro. Subscribe Now!