https://www.taxtmi.com/caselaws?id=68384 For the proviso to section 53 of the Income-tax Act, 1961, the word "owns" requires legal ownership of another residential house on the date of transfer. Mere possession of a house under hire-purchase, or a situation resembling part-performance, does not amount to ownership and therefore does not withdraw the exemption. On the facts discussed, the Faridabad property remained owned by the Haryana Housing Board, so the assessee's possession did not disqualify the claim. Section 2(47) and authorities on gift or registration under section 123 of the Transfer of Property Act, 1882, did not alter this ownership-based test. en-us Thu, 25 Oct 2001 00:00:00 +0530 Tue, 29 Mar 2011 16:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68384 For the proviso to section 53 of the Income-tax Act, 1961, the word "owns" requires legal ownership of another residential house on the date of transfer. Mere possession of a house under hire-purchase, or a situation resembling part-performance, does not amount to ownership and therefore does not withdraw the exemption. On the facts discussed, the Faridabad property remained owned by the Haryana Housing Board, so the assessee's possession did not disqualify the claim. Section 2(47) and authorities on gift or registration under section 123 of the Transfer of Property Act, 1882, did not alter this ownership-based test. Case-Laws Income Tax Thu, 25 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68384