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2017 (12) TMI 784 - AT - Income TaxDeduction u/s 54F - capital gain earned on sale of Indrapuram plot - investment within stipulated period - Held that:- The assessee invested in the residential plot which as per the referred to Circular No. 667 dated 18.10.1993 of the CBDT should be considered towards the cost of construction of a residential house and the aggregate cost should be considered for determining the deduction u/s 54F of the Act. In the present case, the assessee purchased the plot for a sum of ₹ 57,30,000/- and as per the report of the approved valuer invested ₹ 8,25,000/- alongwith the coowner in the construction. Therefore, the combined cost of plot and the construction was much more then the sale consideration received by the assessee for Plot No. 76, Niti Khand-II, Indirapuram, Ghaziabad at ₹ 44,89,000/-. Therefore, the assessee was entitled for the deduction u/s 54F of the Act - Decided in favour of assessee.
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