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2019 (2) TMI 1271 - AT - Income TaxDisallowance of exemption u/s 54F - LTCG - construction of bungalow on the plot of land was in the name of mother - AO observed that, no exemption u/s 54F could be allowed to the assessee for the expenditure incurred on the construction of the bungalow - HELD THAT:- The perusal of documents filed by the assessee reflect that the Grampanchayat had issued permission for construction of the said plot of land in the name of assessee and his brother vide Certificate dated 10.12.2010. The assessee has entered into construction agreement with M/s. Nirmitee Construction dated 24.12.2010 and had invested the whole consideration. The said amounts were paid to the builder and the receipts of payments are available. The assessee has also filed approved construction plan at page 3 of Paper Book and which is in the name of assessee and his brother. Further, the completion certificate dated 11.03.2013 has also been issued by the Grampanchayat which is also in the name of assessee and his brother, wherein it is clearly mentioned that approval for house construction was given on 10.12.2010 and the construction was completed on 03.03.2012. In such facts and circumstances, there is merit in the claim of assessee that against the capital gains arising in his hands the assessee is entitled to claim the deduction on account of his share of construction of the said property as per provisions of section 54F of the Act. Thus the assessee is held to be entitled to claim deduction under section 54F - decided in favour of assessee.
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