Exemption u/s 54F cannot be denied merely for Property buy in spouse title

Exemption u/s 54F cannot be denied merely for Property buy in spouse title

Case Law Details

Shri Vivek Jain Vs. DCIT (ITAT Jaipur)

Throughout the length of evaluation procedures, the assessee had been expected showing cause as to the reasons the reported u/s 54F of this Act, 1961 may possibly not be disallowed, since the home had not been owned into the title of assessee. In reaction, the assessee presented that the consideration for such home had been given out of repayment of advance from the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it had been further submitted that this new house that is residential not be bought by the assessee inside the very very own title neither is it necessary it must certanly be bought solely in their title.

It absolutely was submitted that the assessee has not yet bought the new home in the title of the complete complete stranger and whole investment has arrived from the way to obtain the assessee and there is no contribution through the assessee’s spouse. The distribution for the assessee ended up being considered not discovered acceptable towards the Assessing Officer. The property which was sold was belonging to the assessee whereas the reinvestment in property (residential house) has been made in the name of Smt as per Assessing Officer. Nikita Jain, spouse associated with the assessee.

It had been further held because of the AO that Smt. Continue reading “Exemption u/s 54F cannot be denied merely for Property buy in spouse title”