Exemption Denied: Property Not Considered HUF Asset u/ss 54 and 54F of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of exemption u/s 54 & 54F - Merely because of the fact that the property purchased is recorded as the asset in the statement of affairs of HUF and the loan from ICICI bank as a liability, the same cannot be considered as HUF property as the same was never purchased by HUF - No exemption - AT....