Tribunal Affirms Joint Ownership Isn't Full Ownership, Allowing Tax Deduction Claim u/s 54F of Income Tax Act.

LTCG - deduction u/s 54F - Ownership of more than one residential house at the time of sale of an original asset - The tribunal sided with the interpretation that joint ownership of property does not equate to full ownership, and hence does not disqualify the assessee from availing the deduction under section 54F of the Income Tax Act, following the reasoning of the Madras High Court over that of the Karnataka High Court. .....

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