Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by the Assessee father where new Residential House property was purchased in the name of Son within the time allowed u/s 54 : Case Well Argued by CA. M.R. Sahu

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Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by the Assessee father where new Residential House property was purchased in the name of Son within the time allowed u/s 54 : Case Well Argued by CA. M.R. Sahu

Dear Professional Colleagues,
I am enclosing here with the Delhi Tribunal Order in the case of Sh.Bhagwan Swroop Pathak , ITA NO: 2754/Del/2019 .
handled by the undersigned CA M R Sahu
In this case the Tribunal held as under:
“Relief u/s 54 i.e Exemption out of ‘LTCG’ earned on sale of Residential House Property can be claimed by the Assessee father where
new Residential House property was purchased in the name of Son within the time allowed u/s 54.”
The ratio of the Tribunal decision can be summarized as under:
1.Section 54 being beneficial provision shall be interpreted liberally.
2.Relief u/s 54 can be claimed at reassessment stage u/147 even if no return was filed u/s 139(1).
3.The word ‘Assessee’ used in section 54 does not mean exclusively to the assessee only it can be extended to cover family members including SON.
4.Sec 54 & Sec 54F being parametria this decision also applicable for claiming relief u/s 54F.
I think this decision is useful and may be helpful to fulfill your professional endeavors.
Also it is requested to circulate the decision within your network for the benefit of the Professionals.
Regards
CA M R Sahu
FCA,FCMA,LLB
M.No:9958062648

 

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