Invested in wife's name for tax exemption under Sec. 54F. No need for sale proceeds match. Precedent backs joint investment with spouse.

Invested in wife's name for tax exemption under Sec. 54F. No need for sale proceeds match. Precedent backs joint investment with spouse. https://www.taxtmi.com/highlights?id=80245 Exemption/deduction u/s 54F - New investment made in wife's name. Sec.54F allows purchase/construction within specified timelines. No requirement for same sale proceeds to be utilized. Precedent supports liberal construction of Sec. 54F. Assessee paid Rs. 20 Lacs for construction, supporting claim. Common interest of assessee and wife in investment. Eligible for deduction. Precedent allows full deduction for joint investment with spouse. AO directed to allow claim. en-us Thu, 08 Aug 2024 09:09:47 +0530 Thu, 08 Aug 2024 09:09:47 +0530 TaxTMI RSS Generator Invested in wife's name for tax exemption under Sec. 54F. No need for sale proceeds match. Precedent backs joint investment with spouse. https://www.taxtmi.com/highlights?id=80245 Exemption/deduction u/s 54F - New investment made in wife's name. Sec.54F allows purchase/construction within specified timelines. No requirement for same sale proceeds to be utilized. Precedent supports liberal construction of Sec. 54F. Assessee paid Rs. 20 Lacs for construction, supporting claim. Common interest of assessee and wife in investment. Eligible for deduction. Precedent allows full deduction for joint investment with spouse. AO directed to allow claim. Highlights Income Tax Thu, 08 Aug 2024 09:09:47 +0530 https://www.taxtmi.com/highlights?id=80245