54F

[sankar.irgp@gmail.com]

Assessee invested the sale consideration in his name and in his minor children u/s.54F in the capital gains scheme. AO denied the exemption u/s.54F to the investment made in the names of wife and children of the assessee. Can one offer comments on this topic. Please.

[camanoj2104]

Judiciary is divided on issue however in recent past some judgments favoured exemption

[ASRAO]

Section 54F exemption is given for promoting investment in residential house property and their is no specifications regarding investment in the Act, so it is allowed as per recent judgements of Apex Court