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of <h1>Clause 25 of Income Tax Bill 2025 Defines 'Owner' for Sections 20-24, Covering Transfers to Spouses, Minors, and More.</h1> Clause 25 of the Income Tax Bill, 2025, defines 'owner' for sections 20 to 24. It includes individuals transferring property without adequate consideration to a spouse (except under separation agreements) or to a minor child (excluding married daughters). It also encompasses holders of impartible estates, members of co-operative societies or similar entities with allotted or leased buildings, individuals with possession under certain contracts, and those acquiring rights through sales, exchanges, or leases of at least twelve years. This definition excludes month-to-month or short-term leases.
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