Unraveling Property Ownership: When Legal Title Isn't the Whole Story Under Section 27 Income Tax Act

A legal text exploring deemed ownership under Section 27 of the Income Tax Act 1961, detailing scenarios where individuals are considered property owners despite not having direct legal title. Key scenarios include transfers to spouse or minor child, possession of property, cooperative society membership, and having rights in a property for over 12 years. The text provides comprehensive definitions of ownership, emphasizing that ownership is a complex, context-dependent concept involving rights to possession, use, and control of property.