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2017 (1) TMI 901 - AT - Income TaxEligibility to claim of deduction u/s 5F - treatment to one unit - Held that:- The pent house purchased by the assessee in the form of duplex flat is a single residential house/single owned by the assessee at the time of transfer of original asset and the claim of the assessee under section 54F is allowable. Property not registered in the name of assessee himself - new asset was purchased in joint name of assessee's wife and daughter in law - Held that:- Asset need not be registered in the assessee’s name but should belong to the assessee. In the case on hand it is not disputed that the entire sale consideration has been passed through cheques which were given by the assessee. We also notice that the Revenue is assessing the rental income from the very same property in the hands of the assessee. In such circumstances, it cannot be denied that the assessee is not the real owner of the property. Therefore in view of various judicial pronouncements relied on by the assessee referred to in para 7 above we hold that even though the property was registered in the name of assessee’s wife and daughter in law the deduction as claimed by the assessee under section 54F is to be allowed. - Decided in favour of assessee
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