Case Law Details
Shri Vivek Jain Vs. DCIT (ITAT Jaipur)
The assessee was asked to show cause as to why the claimed u/s 54F of the Act, 1961 may not be disallowed, as the property was not owned in the name of assessee during the course of assessment proceedings. As a result, the assessee presented that the consideration for such home had been settled of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it ended up being further submitted that the newest residential house need not be bought by the assessee in the very very own title neither is it necessary so it ought to be bought solely inside the title.
It absolutely was submitted that the assessee has not yet bought the house that is new the title of the complete stranger and whole investment has arrived from the supply of the assessee and there was clearly no contribution from the assessee’s spouse. The distribution associated with the assessee had been considered not discovered acceptable into the Assessing Officer. According to Assessing Officer, the house that has been offered had been from the assessee whereas the reinvestment in home (domestic household) happens to be manufactured in the title of Smt. Continue reading “Exemption u/s 54F cannot be denied merely for Property buy in wife title”