2021 (2) TMI 635 - ITAT HYDERABAD - Income Tax

Head Note / Extract:
Exemption u/s. 54F denial - assessee has purchased the new residential house property in the name of her husband out of the sale proceeds of her erstwhile residential property - assessee is a non-resident Indian who had earned income from long term capital gains during the relevant assessment year - HELD THAT:- Even if the assessee purchases the new asset in the name of his or her immediate relatives such as spouse, own children, then the assessee will be entitled to claim the benefit of exemption U/s. 54 of the Act. Therefore hereby direct the Ld. AO to grant exemption to the assessee U/s. 54F of the Act and accordingly, delete the LTCG assessed in the hands of the assessee. See V. NATARAJAN. [2006 (2) TMI 136 - MADRAS HIGH COURT], SHRI GURNAM SINGH [2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT] AND RAVINDER KUMAR ARORA [2011 (9) TMI 343 - DELHI HIGH COURT] - Decided in favour of assessee.