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2022 (5) TMI 609 - AT - Income TaxExemption u/s 54F - investment of new residential house in the name of assessee wife - HELD THAT:- The assessee claimed exemption U/s 54F of the Act against the investment of new residential house in the name of his wife is justifiable . The assessee sold immovable property for sale consideration of Rs.14,75,000/- on 11-10- 2010.The value of which was estimated at Rs.14,79,960/-by the Stamp Duty Authority. Out of the sale consideration of Rs. 14,75,000/- the assessee made investment of RS.7,48,000/- in the purchase of new residential house property in the name of his wife namely, Smt. Garima Singh, within the prescribed time limit as prescribed under the provisions of section 54F of the Act. Exemption was claimed U/s 54F of the Act on this account is Rs. 6,33,190/-. It is further noticed that the AO has not disputed the purchase of new house in the name of wife of the assessee though the claim was denied by the AO - claim of deduction U/s 54F of the Act cannot be denied merely on the ground that the new residential house was purchased in the name of his wife when the investment made by the assessee from the sale proceeds of the existing asset and yielded capital gain from the said transactions. Further we taken into consideration that the Ld AR for the assessee has placed the reliance on various decisions in which exemption u/s 54/ 54F/54B/54EC of the Act has been allowed notwithstanding the fact that investment in a new residential house was made in the name of wife/brother /sons. CIT (A) erred in not allowing the exemptions claimed u/s 54F by following the decision of following the decision of Hon'ble Rajasthan High Court in the case of Shri Kalya [2012 (6) TMI 239 - RAJASTHAN HIGH COURT] has not allowed the exemption claimed by the assessee u/s 54F holding /observing that the decision of the Hon'ble jurisdictional Rajasthan High Court above, the contention of the assessee cannot be accepted. We are of the considered view that the decision which was cited by the CIT (A) does not have any relevance with the present case. - Decided in favour of assessee. We are allowing the exemption claimed u/s 54F of the Act. Appeal of assessee allowed.
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