https://www.taxtmi.com/caselaws?id=756409 The Tribunal ruled in favor of the assessee, granting 100% deduction under section 54F of the Income Tax Act. It concluded that the joint ownership of the new residential property with the daughter did not preclude the full deduction, as the investment was made from the proceeds of the sold property. The Tribunal emphasized the provision's intent to facilitate property acquisition, especially for senior citizens, and found the lower authorities' restriction to 50% unjustified. The decision was consistent with prior rulings, underscoring that joint ownership with family members does not negate eligibility for the deduction. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 08:12:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756409 The Tribunal ruled in favor of the assessee, granting 100% deduction under section 54F of the Income Tax Act. It concluded that the joint ownership of the new residential property with the daughter did not preclude the full deduction, as the investment was made from the proceeds of the sold property. The Tribunal emphasized the provision's intent to facilitate property acquisition, especially for senior citizens, and found the lower authorities' restriction to 50% unjustified. The decision was consistent with prior rulings, underscoring that joint ownership with family members does not negate eligibility for the deduction. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756409