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    Deduction u/s 54 denied - LTCG - New house property was...

    Section 54 Deduction Denied for Property in Son's Name, Despite Precedent Allowing for Wife's Name.

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    Income TaxJuly 29, 2020Case LawsAT

    Deduction u/s 54 denied - LTCG - New house property was purchased in the name of son - it can be seen that the son of the assessee is a direct relation - In a case, Delhi HC has allowed the exemption where assessee had purchased new house in name of his wife - thus, the exemption could not be denied if entire investment had come out of proceeds of old property - AT

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