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of The Appellate Tribunal addressed the issue of claiming deduction u/s 54F for Long-Term Capital Gains. The Tribunal found that the property in question, primarily used for religious purposes, did not meet the definition of a residential house as per the IT Act. While a report suggested residential use on the 3rd floor, the assessee's statement contradicted this, indicating use for religious and staff purposes. As the property was not utilized for residential purposes within the specified time and lacked evidence of investment in residential construction, the deduction was denied. Section 54F does not allow for pro-rata deduction, especially in cases where a residence cannot be established in a religious building. The Revenue's appeal was allowed, upholding the AO's decision.
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