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2019 (2) TMI 1345 - AT - Income TaxAddition towards denial of 50% deduction claim u/s 54F - Whether provision of section 54/54F does not include investment made jointly with a relative, who is not a legal heir? - HELD THAT:- Admittedly, the assessee has invested his entire capital gains in the acquisition of a new residential property. Admittedly, the joint owner has also categorically admitted that he has not made any investments in the construction of the property in the name of the assessee. Just because, the assessee has made an investment and has held it jointly with the assessee’s brother, it would not disentitle the assessee to claim of deduction u/s.54F of the Act, especially when he is the one, who has made the entire investments. - Decided against revenue
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