The assessee sold a residential house along with the land appurtenant to the building. Further, the assessee computed long-term capital gain after considering the purchase of a new residential house under section 54F. The AO denied the exemption claimed as the sale deed for the residential house described the property as a plot. The Tribunal held that merely because the sale deed and agreement to sell the description of the property was mentioned as land, the same could not go against the assessee denying the benefit of deduction under section 54. The assessee has submitted a valuation report, property taxes and water taxes to substantiate that the sold property was, in fact, a building with land appurtenant. Hence, the Tribunal held that the assessee is entitled to claim the benefit of deduction under section 54 on the sale of the property and the subsequent investment in the residential property will be exempt under section 54F of the Act. However cost of costly items purchased for the new house cannot be held to be treated as investment for making the house habitable is not entitled to exemption.  (AY. 2017-18)