TMI Blog2018 (12) TMI 746X X X X Extracts X X X X X X X X Extracts X X X X ..... on that the matter needs to be verified by the Assessing Officer. Accordingly, orders of both the authorities below are set aside and the matter is remitted back to the file of the Assessing Officer only for a limited purpose of verifying whether the capital gain was deposited in the specified Capital Gains Account as required under Section 54F of the Act. The Assessing Officer shall verify the nature of deposit and thereafter decide the issue whether the assessee is eligible for exemption under Section 54F of the Act or not. Eligibility for exemption under Section 54F - Investment of sale proceeds in the name of the assessee and her husband - AO restricted the investment to the extent 50% - Held that:- In a male dominating society, inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration is with regard to assessment of capital gain of the minors in the hands of the assessee. 3. Shri S. Sridhar, the Ld.counsel for the assessee, submitted that the minor daughters got the property by way of settlement deed from their grandmother, therefore, it is their property. After obtaining permission of the High Court under Guardians And Wards Act, according to the Ld. counsel, the property was sold. While getting permission, the High Court imposed a condition that sale proceeds shall be deposited in the bank account. Accordingly, it was deposited in the bank account. Since the property was of the minors, according to the Ld. counsel, it cannot be assessed in the hands of the assessee. On a query from the Bench whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 54F of the Act. Therefore, this Tribunal is of the considered opinion that it needs to be verified whether the assessee has deposited in the Capital Gains Account or not. 6. We have carefully gone through the provisions of Section 64 of the Act. The word any such income as appears in Section 64(1A) of the Act includes capital gain arising out of the sale of the property obtained by the minors from their grandparents by way of settlement. Therefore, the Assessing Officer has rightly clubbed the minors income in the hands of the assessee. Since the nature of bank deposit is not readily available for verification, this Tribunal is of the considered opinion that the matter needs to be verified by the Assessing Officer. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the name of assessee alone and the investment was admittedly made in the name of assessee and her husband, this Tribunal is of the considered opinion that the object of enactment to promote housing facility in the country is achieved and the assessee s husband cannot be considered as a third party as far as the assessee s investment is concerned. Therefore, this Tribunal is of the considered opinion that the assessee is eligible for exemption under Section 54F of the Act even though the investment was said to be made in the joint name of assessee and her husband. Therefore, we are unable to uphold the orders of the authorities below. Accordingly, the orders of both the authorities below are set aside and the Assessing Officer is directed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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