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2022 (6) TMI 968 - AT - Income TaxGrant of deduction u/s 54F - assessee purchased India bulls property jointly along with his wife. Therefore, the assessee was not the full owner of the property which was required by section 54F - HELD THAT:- We are inclined to hold that the issue raised by the assessee is squarely covered in favour of the assessee by the judgment of Dr. Smt. P .K Vasanthi Rangarajan [2012 (7) TMI 563 - MADRAS HIGH COURT] and the assessee cannot be denied exemption under section 54F of the Act merely because he was the holder of 50% of the share jointly with Smt. Saroj Aggarwal of the property situated at Siddarth Extension Residential Scheme and the AO was not justified in denying claim of the assessee under section 54 of the Act and the first appellate authority was incorrect in upholding the action of the AO on this issue. Finally, in view of our foregoing discussion, we dismiss the action of the AO as well as impugned order pertaining to the claim of deduction under section 54F of the Act and the AO is directed to allow the same to the assessee. We find from the records that the Indiabulls property was under construction and the possession was handed over to the assessee only on 28.12.2016, till such time income from the said property was not chargeable under the head "Income from house property" and hence the condition stipulated in clause (b) of proviso to sec. 54F (1) disentitling claim u/s 54F is not satisfied. - Decided in favour of assessee.
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