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 span of evaluation procedures, the assessee had been expected to show 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 when you look at the title of assessee. In reaction, the assessee submitted that the consideration for such home ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also ended up being further submitted that the brand new residential household need not be bought because of the assessee in the very own title neither is it necessary it ought to be bought solely inside the title.

It had been submitted that the assessee have not bought https://sexybrides.org/asian-brides/ the brand new home in the name of the complete stranger and whole investment has arrived from the way to obtain the assessee and there is no share through the assessee’s spouse. The distribution associated with the assessee ended up being considered yet not discovered acceptable towards the Assessing Officer. According to Assessing Officer, the house that was offered ended up being from the assessee whereas the reinvestment in home (domestic household) happens to be built in the title of Smt. Read More