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2018 (12) TMI 908 - AT - Income TaxDenial of deduction claimed u/s 54 - purchase of new property/flat is in the name of assessee’s wife and adult daughter and not in assessee’s own name - Held that:- Hon'ble Bombay High Court in the case of Prakash [2008 (9) TMI 234 - BOMBAY HIGH COURT] had an occasion to interpret the provisions of Section 54/54F and held that for claiming deduction under the aforesaid provisions the new house property must be owned by the assessee and/or having legal title over the same. Therefore, if the new house property in respect of which the assessee has claimed deduction under section 54/54F of the Act is not purchased in the name of the assessee, no deduction under the said provisions can be claimed. Thus in the present case since the purchase of new property/flat is in the name of assessee’s wife and adult daughter and not in assessee’s own name, the assessee is not eligible to claim deduction under section 54 of the Act - decided against assessee.
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