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2020 (2) TMI 418 - ITAT BANGALOREDeduction u/s 54F - LTCG - more than one residential house property - as per AO assessee owns a self-occupied house property and these nine unsold flats and therefore, as per proviso a (i) to section 54F (1), the assessee is not eligible for deduction u/s 54F - assessee contended that, as flats were not in existence and hence, it cannot be said that the assessee was owner of these flats on the date of sale of the original asset - HELD THAT:- Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three years from the date of its purchase but the assessee is not claiming deduction u/s 54F in respect of any of these 24 flats but since even these 9 unsold flats can be considered as a part of new asset for deduction u/s 54F, the proviso (a) (i) to section 54F is not applicable because in addition to these 9 flats and one residential house purchased by the assessee for which the assessee is claiming deduction u/s 54F, the assessee is owning only one residential house being self-occupied house and hence, this proviso is not applicable. As per paper book where the Revised Computation of Income and Original Computation of Income is available, the assessee is showing Income from Let Out House Property but the objection of the AO that the assessee is owning more than one residential house as per Para 9 of the assessment order is based on ownership of one self-occupied house property and 9 unsold flats and hence, it appears that this let out house property is not a residential house property and therefore, this proviso is not invokable and not invoked by the AO because of ownership of this house property. Therefore, there is no justification of disallowing this claim of the assessee. Hence, we delete this disallowance.
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