Section 54 Deduction Denied for Property in Son's Name, Despite Precedent Allowing for Wife's Name.

Section 54 Deduction Denied for Property in Son's Name, Despite Precedent Allowing for Wife's Name. https://www.taxtmi.com/highlights?id=54188 Deduction u/s 54 denied - LTCG - New house property was purchased in the name of son - it can be seen that the son of the assessee is a direct relation - In a case, Delhi HC has allowed the exemption where assessee had purchased new house in name of his wife - thus, the exemption could not be denied if entire investment had come out of proceeds of old property - AT en-us Wed, 29 Jul 2020 13:46:21 +0530 Wed, 29 Jul 2020 13:46:21 +0530 TaxTMI RSS Generator Section 54 Deduction Denied for Property in Son's Name, Despite Precedent Allowing for Wife's Name. https://www.taxtmi.com/highlights?id=54188 Deduction u/s 54 denied - LTCG - New house property was purchased in the name of son - it can be seen that the son of the assessee is a direct relation - In a case, Delhi HC has allowed the exemption where assessee had purchased new house in name of his wife - thus, the exemption could not be denied if entire investment had come out of proceeds of old property - AT Highlights Income Tax Wed, 29 Jul 2020 13:46:21 +0530 https://www.taxtmi.com/highlights?id=54188