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2018 (12) TMI 1584 - AT - Income TaxDisallowing the deduction u/s 54F - treating the purchase of new residential flat as a case of “ construction” and not “purchase” on the ground that the payment was made by the Appellant in installments to the builder for the flat - time limit for purchase and for construction ,for any harmonious understanding of the section - Held that:- It is clear that in transacting with M/s DLF universal ltd. for acquiring the flat(s) in question, the assessee has entered into both types of agreement i.e.both purchase and construction and both these are essentially running concomitantly. And the claim for the deduction has been restricted by the assessee to the investment done within the specified periods of one year prior to the date of sale of original assets to the three years from the date of sale of shares. Moreover the claim within the capital gains earned by the assessee. Hence the assessee would be entitled for deduction u/s 54F for the entire amount claimed. - Decided in favour of assessee.
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