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2016 (7) TMI 94 - AT - Income TaxClaim of exemption u/s 54F - Whether assessee owns another house property - nature of partial interest into property - The assessee claims that the property conveyed by her mother by means of settlement deed is only a partial interest on the property and such partial interest cannot be considered to be full ownership for the purpose of denying the exemption u/s 54F Held that:- Assessee owns the house subject to life interest retained by the assessee’s mother, namely, settlor. Therefore, it cannot be said that the assessee owns a house fully and wholly. The ownership of the assessee over the property is subject to life interest retained by the assessee’s mother. Therefore, this Tribunal is of the considered opinion that the house property conveyed to the assessee by means of settlement deed subject to life interest over the property cannot be a reason for denying deduction under Section 54F of the Act. AO is directed to grant exemption u/s 54F of the Act. - Decided in favour of assessee.
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