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2020 (4) TMI 217 - AT - Income TaxExemption u/s 54F - investment in the name of husband / spouse - assessee has claimed the entire long term capital gain as exempt from tax u/s 54F by purchasing a new residential property in the name of her husband - denied deduction u/s 54F as the assessee has not invested the sale consideration in her name - HELD THAT:- In the entire section 54, the requirement that the purchase to be made or the construction to be put up by the assessee, should be in the name of the assessee, is not expressly stated. Therefore, to attract section 54 of the Act, what is material is the investment of the sale consideration in acquiring or constructing residential premises. Once the sale consideration is invested in any of these manners, the assessee would be entitled to the benefit conferred under these provisions. In the absence of an express provision contained in these provisions that the investment should be in the name of the assessee only any such interpretation would amount to introducing words in the provision which are not there. The Court could not legislate when Parliament has deliberately not used those words in the section. The same view was taken by the Hon’ble Madras High Court in the case of CIT v. Gurnam Singh [2008 (4) TMI 28 - PUNJAB AND HARYANA HIGH COURT] Assessing Officer has to see whether the investment in the new residential house has been made out of the sale consideration received from the sale of property situated at Corporation No.13, Narayanaswamy Iyengar Street, Gandhinagar, Bengaluru. If the purchase of new house situated at 25 & 26, 5th Cross, Gandhinagar, Bengaluru, was made out of sale consideration on transfer of capital asset, then the assessee is entitled to deduction u/s 54F of the Act. Accordingly, remit this issue to the file of the Assessing Officer with the above observations for fresh consideration - Appeal filed by the assessee is partly allowed for statistical purposes.
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