section 54F of Income tax Act 1961
This query is : Open
22 October 2010
X has sold a piece of land and invested in residential house fully, out of the sale proceeds of land.
The residential house was purchased in name of self - X and his son Y.
Dose he violate the conditions of Sec. 54F.
The residential house was purchased in name of self - X and his son Y.
Dose he violate the conditions of Sec. 54F.
22 October 2010
Yes.
Citation :- Prakash vs. ITO (2008) 173 Taxman 311(Bom).
Citation :- Prakash vs. ITO (2008) 173 Taxman 311(Bom).
Message likes :
1 times
22 October 2010
BC Sir there is a difference in the situation by Durgesh and the case law mentioned by you is that in this case the new property was purchased in the name of the son of the assessee where in the situation mentioned by Durgesh the assessee's son is only a co-owner / joint owner. In this case there is a ray of hope for arguing the investment is made in the name of assessee only while the sons name in registration document is a procedural aspect only.
Message likes :
1 times
22 October 2010
Sir
I know the facts of the case. The land sold was also an agricultural land. But the intention of the legislature, to my understanding, is reinvestment should be in the name of assessee only. However sir, there is also a decision similar to your view in regard to section 54 concerning reinvestment in the name of assessee and wife. Thanks for giving a ray of hope to the assessee.
I know the facts of the case. The land sold was also an agricultural land. But the intention of the legislature, to my understanding, is reinvestment should be in the name of assessee only. However sir, there is also a decision similar to your view in regard to section 54 concerning reinvestment in the name of assessee and wife. Thanks for giving a ray of hope to the assessee.
Message likes :
1 times
25 October 2010
sir,
Thank you for your quick response,
Can you give the citation of the case.
supporting your view
please note second name of son Y is added only for purpose of easy procedural aspect (for transfer of property) in case of death of father.
Thank you for your quick response,
Can you give the citation of the case.
supporting your view
please note second name of son Y is added only for purpose of easy procedural aspect (for transfer of property) in case of death of father.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
