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2021 (5) TMI 183 - AT - Income TaxCapital Gains - cost of acquisition - Deduction u/s. 54F - assessee submitted that the assessee and his mother had purchased the house along with furnitures and fixtures and therefore, the entire expenditure incurred by the assessee was towards the composite purchase of the house and furniture and should be allowed in toto - HELD THAT:- As the cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s. 54 of the Act. As regards the details of the expenditure furnished of the assessee which are being sought as exempt by the assessee, find that except for the expenditure incurred by the assessee towards electrical, water leakage problem and plumbing work, no other expenditure is required to be incurred for making the house habitable. AO is directed to allow the same as cost of improvement and allow the same, if found to be in order. Assessee's appeal is partly allowed for statistical purposes.
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