Section 54F states that the assessee should utilise the net consideration in the purchase or construction of residential property but it does not Deductions u/s 24 (b) - Income Tax - Taxation - Lawyersclubindia.
The assessee purchased, inter alia, an agricultural land worth in the name of his wife, Smt. Kanta Devi. The AO denied the benefit....
Forum when assessee purchases property wife name -- triThe bank is willing to provide the home loan as I will be a co-borrower. Critical issue - Removal of auditor. Not even a single penny had been contributed by the wife in the purchase of the house.
Forum when assessee purchases property wife name -- journey
Ans: You have raised a very interesting question. DO LOOK FOR MORE DECISIONS BEFORE ADIVICING. Analysis on branch auditor. Then transferring property to wife and purchase the proprty in the name of his wife is both r same if look its logically...
Forum when assessee purchases property wife name -- traveling cheap
Forum Taxation Income Tax. Try to add value with your each post. It held that a purposive construction of the legal provisions is to be preferred as against a literal construction. If my thought is wrong direct me..... The repayment of the loan should be done individually or from their joint bank account. What if the mother sells her property and purchases another one from the proceeds in her son's name only and not her name. The Assessing Officer allowed the claim only to the extent of Rs.