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2019 (8) TMI 407 - AT - Income TaxExemption u/s 54 - ₹ 75 lacs has been paid by the appellant though jointly held with his wife, who is separately assessed to tax and had made separate deposit of ₹ 50 lacs in Capital Gain Account Scheme - multiple flats constructed have to be construed as one house - HELD THAT:- Assessee has submitted computation of income of the assessee as well as wife of the assessee before the Assessing Officer as well as before the CIT(A). From the perusal of the same it can be seen that the assessee duly deposited ₹ 75,00,000/- which is his share in Capital Gain Accounts before 31.03.2011. The assessee demolished the existing residential property which was jointly owned by him and constructed four new flats but has claimed only as per his own share excluding the wife’s share as well. All the criteria of Section 54 was fulfilled by the assessee. In fact assessee’s wife got the relief for her share as claimed by her from the Revenue in respect of Capital Gains Scheme. Thus, the Assessing Officer should have not rejected assessee’s claim on the different footing which was rightly claimed by the assessee. Therefore, Assessing Officer as well as CIT(A) was not right in making the addition on this account.
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