https://www.taxtmi.com/caselaws?id=59411 For section 54 exemption, the real purchaser is the person who in substance provides the consideration and acquires beneficial ownership, even if other family members are named as co-purchasers in the conveyance. As the assessee paid the entire consideration and her parents disclaimed any right or interest, full exemption was allowed on the basis that she was the actual owner for income-tax purposes. Necessary expenditure incurred to repair and make the new flat habitable was also treated as part of the cost of the new residential asset, because section 54 covers the cost of acquisition in substance, not merely the price stated in the deed. The repair expenditure was therefore includible in the deduction computation. en-us Tue, 16 Mar 2004 00:00:00 +0530 Fri, 21 Jun 2024 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59411 For section 54 exemption, the real purchaser is the person who in substance provides the consideration and acquires beneficial ownership, even if other family members are named as co-purchasers in the conveyance. As the assessee paid the entire consideration and her parents disclaimed any right or interest, full exemption was allowed on the basis that she was the actual owner for income-tax purposes. Necessary expenditure incurred to repair and make the new flat habitable was also treated as part of the cost of the new residential asset, because section 54 covers the cost of acquisition in substance, not merely the price stated in the deed. The repair expenditure was therefore includible in the deduction computation. Case-Laws Income Tax Tue, 16 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59411