20 December 2013
If a person gets capital gain on sale of plot & Invest whole of the capital gain for purchasing a residential house.But He does not have sufficient fund for purchase the residential house. My question is ......can he jointly held the property with their son or not ?
20 December 2013
The main point is that whole net consideration is required to be invested in residential property. Assessee can invest whole net consideration with other person. In short his part in joint property represent full net sale consideration.
20 December 2013
CIT v. Ravinder Kumar Arora 342 ITR 38 (Delhi) CIT v. V. Natrajan, 287 ITR 271 (Mad.) ITO v. Smt. Saraswati Ramanathan, 116 ITD 234 (Del.) JCIT v. Smt. Armeda K. Bhaya, 95 ITD 313 (Mum.)
21 December 2013
ok but as i know that assessee could not purchase a house jointly other than his/her spouse. In my Case Cost of the new house purchase is Rs.1 Cr & sale consideration received out of sale of plot is only Rs. 40 lakh...remaining Rs.60 lakh invested by his son can he do so ?If yes, then please send me the relvent case law.
23 December 2013
Sorry, i haven't any case which clearly states your q. but another case CIT V. Ravinder Kumar Arora (Delhi) which is also joint name with his wife.However,the observation of high court clearly states that the house should be purchased by ae but it does not mandate that house should be purchased only in the name of ae.
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