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2024 (4) TMI 544 - AT - Income TaxLTCG - deduction u/s 54F - joint ownership of more than one residential house - HELD THAT:- We find that the Hon’ble Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan (2012 (7) TMI 563 - MADRAS HIGH COURT] held that merely because the assessee jointly owned another property on the date of transfer of the asset, its claim for deduction under section 54F of the Act could not be rejected in respect of capital gains earned from transfer of original asset. Also see MUKESH ARVINDLAL VAKHARIA, C/O ARVIND SILK MILLS [2023 (10) TMI 185 - ITAT SURAT] In the present case also, not even a single decision of the Hon’ble jurisdictional High Court, which is contrary to the claim of the assessee, has been placed on record/referred by the Revenue. Therefore, we are of the considered view that the joint ownership in two residential properties at the time of sale of the original asset does not disentitle the assessee to claim of deduction u/s 54F of the Act. Decided in favour of assessee.
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