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LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT concluded that joint ownership is distinct from absolute ownership. None of the co-owners, including the appellant, could claim full ownership of any single flat. The Tribunal referred to the Hon’ble Supreme Court's decision in Seth Banarsi Dass Gupta v. CIT, which stated that fractional ownership does not equate to full ownership for tax exemptions. It also considered various ITAT decisions supporting this view. The Tribunal ruled that the appellant's joint ownership did not disqualify him from the exemption u/s 54F. The Assessing Officer was directed to allow the claimed exemption.
LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT concluded that joint ownership is distinct from absolute ownership. None of the co-owners, including the appellant, could claim full ownership of any single flat. The Tribunal referred to the Hon’ble Supreme Court's decision in Seth Banarsi Dass Gupta v. CIT, which stated that fractional ownership does not equate to full ownership for tax exemptions. It also considered various ITAT decisions supporting this view. The Tribunal ruled that the appellant's joint ownership did not disqualify him from the exemption u/s 54F. The Assessing Officer was directed to allow the claimed exemption.
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