This is a common issue we all have faced .Well I too had similar issue and got following worked for me.
You can also try this.
1) set JAVA_HOME as C:\Program Files (x86)\Java\jdk1.7.0\
2) ANT_HOME as F:\ant\apache-ant-1.8.4-bin\apache-ant-1.8.4
3) add both to 'path ' in system variables
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