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2017 (12) TMI 1769 - AT - Income TaxDisallowance of exemption u/s 54F - residential house property purchased in the name of his wife - HELD THAT:- In light of legal proposition so laid down in case of Mahadev Balai [2017 (1) TMI 183 - ITAT JAIPUR] where the investment in the new house property has flown from the assessee, which is not in dispute in the instant case, merely for the reason that the new residential house property has been purchased by the assessee in the name of his wife, the same cannot be basis for the denial of deduction claimed u/s 54F of the Act. Regarding the second condition of claiming the deduction u/s 54F as have gone through the affidavit so filed by the assessee and are of the view that the same is clear and self-explanatory wherein the assessee has categorically stated that on the date of purchase of residential property, which happens to be the date prior to date of sale of the original asset, he didn’t own any other house other than the new asset. In that view of the matter, the contention so raised by the ld AR is accepted. Assessee is held eligible for deduction under section 54F in respect of residential house property purchased in the name of his wife. - Appeal of the assessee is allowed.
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