Deduction Denied: Long-term Capital Gains u/s 54 Not Allowed for Property Bought in Married Daughter's Name.

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....Deduction claimed u/s. 54 - LTCG - In the present case, the assessee has purchased property in the name of married daughter, although she was divorced, but she is an independent for purpose of the Income Tax Act. Therefore, we are of the considered view that benefit of deduction u/s.54 of the Act cannot be allowed, when property has been purchased in the name of married daughter. - AT....