Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of...

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly registering the new property with his wife and daughter, made the entire investment himself. Merely registering in joint names with close relatives does not circumvent the restriction u/s 54F. The assessee claimed full deduction for the new property's investment, although jointly owned with his wife. Even for the subsequent sale of the new property, the assessee is likely to argue that Section 54/54F restrictions do not apply due to joint ownership, citing judicial precedents. Accepting this contention would create a loophole for tax evasion. The assessee's argument cannot be accepte..... .....

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