The assessee invested the capital gains in a new residential house purchased jointly with her son-in-law and claimed a deduction under section 54. The Tribunal held that where the assessee had contributed the substantial portion of the purchase consideration, the deduction under section 54 could not be restricted merely because the property was jointly purchased. Further, the fair market value as on 01-04-2001 adopted by the assessee was supported by a registered valuer’s report as well as the stamp duty valuation and, therefore, there was no justification for rejecting the valuation adopted by the assessee while computing long-term capital gains. (AY. 2021-22)