https://www.taxtmi.com/caselaws?id=763321 ITAT Chennai allowed deduction under section 54F where assessee purchased residential property in wife's name using LTCG sale proceeds. Following precedents in CIT v. Natarajan and CIT v. Kamla Wahal, tribunal held that new residential house need not be purchased in assessee's own name for section 54F deduction. Since property was purchased in spouse's name (not stranger) using entire sale proceeds without wife's contribution, deduction was granted. AO directed to allow claimed deduction. en-us Wed, 04 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 08:58:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763321 ITAT Chennai allowed deduction under section 54F where assessee purchased residential property in wife's name using LTCG sale proceeds. Following precedents in CIT v. Natarajan and CIT v. Kamla Wahal, tribunal held that new residential house need not be purchased in assessee's own name for section 54F deduction. Since property was purchased in spouse's name (not stranger) using entire sale proceeds without wife's contribution, deduction was granted. AO directed to allow claimed deduction. Case-Laws Income Tax Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763321