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of <h1>Finance Act 1987 amends Section 27 of Income-tax Act: Redefines ownership for cooperative societies and contractual possession.</h1> Section 27 of the Income-tax Act has been amended by the Finance Act, 1987, effective April 1, 1988. The amendment redefines ownership for tax purposes, stating that members of a cooperative society, company, or association with a building allotted or leased under a housing scheme are deemed owners. Additionally, individuals in possession of a building under a contract similar to section 53A of the Transfer of Property Act, 1882, or those acquiring rights (excluding short-term leases) as per section 269UA, are also considered owners.
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