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54f exemption

20 June 2014

whether sec 54F exemption will available if new house is not registered in the name of assessee. The assesse has already Two House and he purchased one new house in the name of spouse & himself

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2 Replies

ROSHAN PAUL JOSEPH (CA Final student) (311 Points)
Replied 20 June 2014

It is necessary and obligatory to have investment made in residential house in the name of transferor only and not in the name of any other person - [ case law ]

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Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 20 June 2014

sec. 54f exemption will not be available to him because the basic condition for exemption in this sec. is that the assessee should not own more than one house other than the new house purchased. in your case, the person already owns two hoises therefore he cannot claim 54f exemption on third property.