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2019 (7) TMI 1925 - ITAT JAIPURDeduction u/s 54 in respect of capital gains earned - investment made by the assessee in his own name - AO disallowed deduction in respect of investments made in the name of nephew - AO allowed the deduction only for half portion of one residential house purchased in the name of assessee and his brother u/s 54 of the Act for the reason that deduction u/s 54 can be allowed only for one house property purchased in the name of assessee himself - HELD THAT:- As assessee has made investment in his joint name alongwith brother, the same deserves to be allowed in terms of the decision of Hon'ble Rajasthan High Court in the case of Mahadev Bala [2017 (11) TMI 1622 - RAJASTHAN HIGH COURT, JAIPUR]. Also see SHRI JITENDRA V FARIA VERSUS ITO 18 (2) (1) , MUMBAI [2017 (5) TMI 12 - ITAT MUMBAI] We direct the AO to allow claim of deduction u/s 54 of the Act in respect of the investments made by the assessee in his own name alongwith the name of his brother. - Decided in favour of assessee in part.
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