Quickly claimed, the reality of this situation are that through the 12 months into consideration, the assessee has offered three agriculture lands belonging to him for the purchase consideration of Rs. 99,25,000. The assessee has purchased another land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been advertised and exact exact same had been permitted by the Assessing Officer and it is perhaps perhaps not in dispute before us. The assessee in addition has purchased a residential home on 23.05.2011 for the purchase consideration of Rs. 30,00,000/- within the title of their spouse, Smt. Nikita Jain, and stated deduction u/s 54F of this Act and that will be in dispute before us.
The assessee was asked to show cause as to why the claimed u/s 54F of the Act, 1961 may not be asian dating disallowed, as the property was not owned in the name of assessee during the course of assessment proceedings. As a result, the assessee submitted that the consideration for such home ended up being given out of payment of advance of the assessee received from Narvik Nirman & Financiars Pvt. Ltd. also it had been further submitted that the brand new residential household need not be bought because of the assessee in their very very own title neither is it necessary that it must certanly be bought exclusively inside the title. Leer más