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2013 (11) TMI 1635 - AT - Income TaxDeduction Sec.54 - Held that:- The said apartments for a period of more than thirty-six months and the sale proceed out of its sale consideration were in the nature of LTCG and were invested for purchasing the new house property for residential purpose within a period of one year from the date of sale of property. Hence, the assessee is eligible for deduction Sec.54 of the Act. But in the present case, whether the assessee has invested the LTCG arising out of sale of these apartments in the new residential house or not, has not been examined by the AO, these need examination, factually. Hence, for factual examination, we set aside this issue to the file of AO.
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