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Deemed Ownership - (Section 27) - Income Tax - Ready Reckoner - Income TaxExtract SEC 27 : DEEMED OWNERSHIP The following persons are deemed to be the owners for the purpose of Sec 22 to 26 . TRANSFER TO A SPOUSE: In case of transfer of house property by an individual to his or her spouse for inadequate consideration, the transferor would be deemed to be the owner of transferred property. However, transferor will not be deemed to be the owner if the property is transferred in connection with an agreement to live apart. TRANSFER TO A MINOR CHILD: In case of transfer of house property by an individual to his or her minor child for inadequate consideration, the transferor would be deemed to be the owner of transferred property. However, transferor will not be deemed to be the owner if the property is transferred to a minor married daughter. However, If individual transfers cash to his/her spouse or minor child and the transferee acquires a house property out of such cash, the transferor shall not be treated as deemed owner of the house property, such transaction will however attract clubbing provisions. HOLDER OF AN IMPARTABLE ESTATE: Holder of a importable estate shall be deemed to be the individual owner of all properties comprised in the estate. MEMBER OF A CO-OPERATIVE SOCIETY: A member of a housing co-operative society, company or other AOPs to whom a building or part thereof is allotted or leased, shall be deemed to be owner of that building or part thereof allotted to him. PERSON IN POSSESSION OF A PROPERTY: A person who is allowed to take the possession of any building or part thereof in part performance of a contract, shall be the deemed owner of that house property. PERSON HAVING RIGHT IN A PROPERTY FOR A PERIOD NOT LESS THAN 12 YEARS: as per clause (f) of section 269UA
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