Question ID :
38209
Proceeds from sale of land
Proceeds from sale of land (by father) has been invested in purchase of a property but the property has been purchased in joint name and first name is of daughter and second name is of father. Whether the tax benefit of investment in property has been available to father or not in this case.
Posted by
Shobhit Bansal
on
Jun 15, 2019
Filed Under
Capital Gains
It is not mandated by the section that the property must be purchased in the name of assessee only. Full exemption can be given when investment is made by the assessee even if the property is purchased in the joint name. There are many court rulings. Refer CIT v RavinderKumar Arora (2012) 342 ITR 38 (Delhi H. C.) and Shree Jitendra V. Faria vs. ITO Mumbai by ITAT, Mumbai.
Posted by
CA. chunauti dholakia on
Jun 15, 2019
Answer ID :
77873
yes provided the source for purchase of property is from father and is proved.
Posted by
CA. VENKITARAMAN K V on
Jun 18, 2019