Client purchased a new residential flat. He sold off the shares he had in this private ltd company, apart from his self shares he also sold shares held in HUF. Query: There is Long Term Capital gain coming from the sale of Shares in HUF, while the proceeds received from this was directly used for the purchase of the flat, Can HUF claim deduction us 54 as flat was purchased out of such proceed which is evident from bank statement also.
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