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Tax Publishers
Denial of deduction under section 54F citing joint
ownership of residential property outside India
Facts:
Assessee claimed deduction of section 54F
which was denied by AO citing that he was a joint owner in a residential
property outside India in USA, On appeal CIT(A) allowed the appeal of the
assessee. On further appeal by revenue -
Held in favour of revenue that all that section
54F contains is that the assessee should not be owning a residential house at
the time of transfer. Since the assessee was factually found to be the joint
owner of a residential house in USA the benefit of section 54F cannot be
granted to the assessee.
Ed. Note: Unlike section 54, 54F does not specify ownership has to be in
India or otherwise to claim the benefit of the said section.
Case: Dy. CIT v. Babu Rajendra Prasad Vadlamudi 2023 TaxPub(DT) 3205
(Viz-Trib)
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