Quickly reported, the important points associated with situation are that throughout the 12 months in mind, the assessee has offered three agriculture lands belonging to him for a purchase consideration of Rs. 99,25,000. The assessee has bought another land that is agricultural a consideration of Rs. 32,00,000/- for which deduction u/s 54F has been claimed and exact same had been allowed because of the Assessing Officer and is perhaps maybe not in dispute before us. The assessee in addition has bought a property that is residential 23.05.2011 for the purchase consideration of Rs. 30,00,000/- into the title of their spouse, Smt. Nikita Jain, and claimed deduction u/s 54F for the Act and which is in dispute before us.
through the span of evaluation proceedings, the assessee had been expected showing cause as to the reasons the reported u/s 54F of this Act, 1961 might not be disallowed, due to the fact home was not owned into the name of assessee. In reaction, the assessee submitted that the consideration for such home had been given out of payment of advance belonging to the assessee received from Narvik Nirman & Financiars Pvt. Ltd. and it also ended up being further submitted that the newest residential household need not be bought because of the assessee inside the very own title neither is it necessary that it must be purchased solely in the name. (mehr …)