Section 54 Exemption if Sale by Wife Purchase by Husband

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  1. Harish Kumar

    Harish Kumar New Member

    I have a query for claiming deduction u/s 54. The assesse has sold the property and wishes to purchase a property in his wife name. Can he claim deduction u/s 54 or he has to purchase the property in his name only...
  2. Karan Batra

    Karan Batra Well-Known Member

  3. Harish Kumar

    Harish Kumar New Member

    Thanx Karan for prompt reply.. few more questions:

    Can this property be taken in kids name ( major)
    Where can I refer this case law.
    Has this case been challenged futher by dept.
  4. Karan Batra

    Karan Batra Well-Known Member

    In the link shared above - it has been clearly mentioned that

    "The word assessee must be given a wide and liberal interpretation so as to include his legal heirs also."

    As major children are legal heirs, it includes Major Children also.

    Personal opinion: If possible, try to purchase the property on the name of the assessee itself and not wife/children.
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