CAPITAL GAIN

[advsuhail]

A is sole owner of residential property, after selling it he get long term capital gain and purchase new house in joint name with his wife:
Is he debarred from exemption u/s 54 F of I.T.Act, ?
Is there any case law in his support?

[sai prasad]

I have come across the judgment of  the ITAT Delhi that appeared in 300 ITR (AT)410 (2008) where the investment in Bonds for exemptiion u/s.54EC was made in the jiont names of  of assessee and his wife for the sake of convenience but the money therefor flew from the assessee only.

You may also refer to the decisions in 287 ITR 271(Mad) and 318 ITR (AT)356 (Mum) which  throw some light on the issue

C.Sai  Prasad
Advocate, Nizamabad