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21.  Capital Gains Exemption under Section 45F is Permissible Even where the Land was Owned by Assesses Spouse

Disputes often arise between the Income-tax Department and the assesees about the grant or otherwise of exemption regarding Capital Gains. One of the important provisions of the Income-tax Act for the grant of exemption is Section 54F which allows the exemption to an assessee in respect of a residential house. However, it is not necessary that the land on which the residential house is constructed should belong to the assessee himself or herself. It may belong to some other relation, for example, the wife of the assessee. This was the decision of the Karnataka High Court in the case of CIT and Another v. P.R. Seshadri (2010) 329 ITR 377. As this is an important judgment, which is given here in this tip for information of all concerned income tax assessees.

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