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TMI Blog2019 (2) TMI 1271X X X X Extracts X X X X X X X X Extracts X X X X ..... he learned CIT(A) erred in holding that the bungalow constructed belonged to the mother of the assessee and therefore, no exemption u/s 54F could be allowed to the assessee for the expenditure incurred on the construction of the bungalow. 1.3. The learned CIT(A) failed to appreciate that the assessee had constructed the bungalow out of his own funds and even under the property records, the bungalow belonged to the assessee and therefore, the exemption u/s 54F was allowable to the assessee. 1.4. The learned CIT(A) erred in rejecting the Gift Deed as per which the ownership of the plot of land was transferred to the assessee by his mother and therefore, according to him, the assessee was not entitled to claim exemption u/s 54F. 1.5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property having ground floor and first floor was not accepted by the Assessing Officer as the property was not transferred in the name of two sons through registered document and hence, he had no legal title over the same. 5. The CIT(A) upheld the order of Assessing Officer, against which the assessee is in appeal. 6. The learned Authorized Representative for the assessee pointed out that plan for construction was approved by the Grampanchayat in the name of assessee and his brother. Further, the assessee had entered into construction agreement with M/s. Nirmitee Construction and also the payments were made to the said builder and even the completion certificate was given in the name of assessee and his brother and hence, deduction claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad sold an immovable property and had claimed that the sale proceeds from the said property have been invested in construction of bungalow on a plot of land which was gifted by his mother to him and his brother. Both the brothers had entered into construction agreement with a builder and had constructed the said property. The authorities below have denied the deduction under section 54F of the Act since the gift deed was not a registered document. 9. The question which arises is whether the assessee can claim the aforesaid deduction under section 54F of the Act against cost of construction of bungalow, where the plot of land was in the name of mother. The perusal of documents filed by the assessee reflect that the Grampanchayat had issued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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