15 January 2010
An assessee has sold a plot of land and purchased a property in the name of his wife due to his severe illness.my question is this, whether assessee can claim deduction U/s 54 F, even if he has invested the sale consideration in the name of his wife. If there is any High Court/ Supreme Court case in support of this query....
15 January 2010
Cannot claim. Citation:- Prakash Vs ITO ,ITA No I5/2002 decided by Bombay High Court on 12/09/2008.
RATIO DECIDENDI
For qualifying exemption under section 54F, assessee's ownership and domain over the asset is a must right from the sale of original asset till the purchase and/or construction of the residential house i.e., the 'new asset'.
CAclubindia
