whether exemption u/s 54B is available if an assessee sells property in own name and purchases new property in name of son? Son is major and dependent and do not have any source of income.
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Section 54b
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Disallowed: 1. KALYA VS. CIT (D.B. Income Tax Appeal No. 112/2012 High Court Rajasthan)
2. CIT vs. Shri Dinesh Verma (ITA No. 381 of 2014 (P & H)
Allowed in case of CIT vs. ... Gurnam Singh327 ITR 0278, because son was co-owner.
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