Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 1264 - HC - Income TaxBenefit of Section 54(1) in respect of the second residential property purchased by him - whether purchase of “a residential house’ as mentioned in Section 54(1) means ‘one residential house’ only? - Held that:- From the facts it is clear that having sold the property in Basavanagudi, probably, as the assessee could not secure a proper residential house sufficiently big to invest the entire sale consideration derived from the sale of residential house, he has chosen to purchase two properties nearby. In fact to purchase a second property, the balance consideration was not sufficient. Therefore, in the sale deed in respect of the second residential house, the name of his wife who is a doctor by profession as well as his father’s name are included who might have contributed the balance sale consideration. So it is not a case where the assessee is attempting to evade tax. He had made a bonafide attempt to invest the sale consideration from the sale of residential premises in purchasing two residential premises in the very same locality situated nearby. - Decided in favour of assessee
|