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2014 (1) TMI 1271 - AT - Income TaxEntitlement for deduction u/s 54B and 54F of the Act – Investments made in the name of daughters – Capital gains - Held that:- The benefit of exemption u/s 54B and 54F could be given to an assessee only if the new property is purchased in his own name – Relying upon Jai Narayan Vs. ITO [2007 (8) TMI 295 - PUNJAB AND HARYANA HIGH COURT] - The investments have been made in the name of married daughters and apparently both of them are also majors - Thus, it is not a case of joint ownership along with the assessee - Both the daughters of the assessee shall have every right over the property purchased in their respective names - Thus, it cannot be said that the intention of purchasing the properties was not to give benefit to them - The assessee claims that she has entered into a purchase possession agreement with her two daughters - the agreement does not actually effect transfer of assets to the name of the assessee – also, the agreements have been entered only to show some compliance with the provisions of sec. 54B/54F of the Act - the term “assessee” used in sec. 54B/54F of the Act cannot be extended to mean the major married daughters – Decided against Assessee.
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