Mr. A has sold residential house property which was purchased in his name.He has purchased residential house property in the name of his mother.Will he get exemption under Sec 54?
3 Replies
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 03 December 2013
Actually there was a recent judgement wherein the court has allowed deduction for purchase of property in the name of wife.
In your case, is the assesee a jpomt holder along with his mother?
Diksha
(Article Assistant)
(59 Points)
Replied 03 December 2013
No Sir.
The property has been purchased in the name of his mother and not jointly.
CA Kedar Sakhardande
(Proprietor)
(942 Points)
Replied 04 December 2013
actually it is very interesting and unique situation
section 54 mentions that there should be purchase of new house (but it is silent and no where mentions that the purchase should be in own name of the assesee)
In your situation, you can try to claim exemption, if you can prove the sourcing. but still litigation is unavaoidable
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