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Mrs. V.R. Usha Versus The Income Tax Officer, Business Ward - XV (1) , Chennai

Claim of exemption u/s 54F - Whether assessee owns another house property - nature of partial interest into property - The assessee claims that the property conveyed by her mother by means of settlement deed is only a partial interest on the property and such partial interest cannot be considered to be full ownership for the purpose of denying the exemption u/s 54F - Held that:- Assessee owns the house subject to life interest retained by the assessee’s mother, namely, settlor. Therefore, i .....

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ssessee. - ITA No.2288/Mds/2015 - Dated:- 12-5-2016 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER For The Appellant by : Shri V.S. Jayakumar, Advocate For The Respondent : Sh. A.B. Koli, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-4, Chennai, dated 29.10.2015 and pertains to assessment year 2011-12. 2. Shri V.S. Jayakumar, the Ld.counsel for the asses .....

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t the settlement deed was executed subject to the life interest retained by the settlor, the assessee s mother. When the assessee s mother retained the life interest over the property, according to the Ld. counsel, no interest on the property will pass on to the assessee so long as the assessee s mother is alive. According to the Ld. counsel, on the date of execution of sale deed, the assessee s mother was very much alive, therefore, the assessee is not the owner of the property which was said t .....

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e joint ownership of a residential house cannot be a reason to deny exemption under Section 54F of the Act. The Ld.counsel has also placed reliance on the judgment of Madras High Court in CIT v. K. Ramachandra Chettiar (1983) 141 ITR 771, judgment of Madras High Court in R. Janardhanan v. CWT (1987) 165 ITR 144 and on the decision of Delhi Bench of this Tribunal in WTO v. Smt. Kaushalya Rani (1989) 28 ITD 435. 3. On the contrary, Sh. A.B. Koli, the Ld. Departmental Representative, submitted that .....

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re, according to the Ld. D.R., even though there was a reference in the preamble of the settlement deed about the reservation of life interest retained by the settlor, in the body of settlement deed, the absolute property was transferred to the assessee by means of gift / settlement deed and the physical possession of the property was handed over to the assessee as a token of acceptance of the gift. Therefore, according to the Ld. counsel, the assessee is the absolute and full owner of the prope .....

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e than one house on the date of sale of the land at Pallikaranai. The assessee claims that the property conveyed by her mother by means of settlement deed is only a partial interest on the property and such partial interest cannot be considered to be full ownership for the purpose of denying the exemption under Section 54F of the Act. 5. We have carefully gone through the provisions of Section 122 of the Transfer of Property Act, 1882. Section 122 of that Act defines Gift as follows:- "Gift .....

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conveyed to the assessee by means of a registered settlement deed. On the date of the sale of the land at Pallikaranai, admittedly, the assessee s mother, who settled the property, was alive. Therefore, the life interest retained by the assessee s mother over the property was very much available and the assessee could enjoy the property only subject to life interest of her mother. Therefore, this Tribunal is of the considered opinion that the property which was conveyed by her mother by way of s .....

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