https://www.taxtmi.com/article/detailed?id=6332 A taxpayer blocked from claiming exemption under Section 54F due to ownership of two houses can, under Mohammedan law, effect a valid oral gift by donor declaration, donee acceptance and transfer of possession; such gifts are saved from the Transfer of Property Act formalities by the statutory non interference provision, and transfers to relatives are excluded from taxable receipts, making factual proof of possession and acceptance central to meeting the ownership condition for the capital gain exemption. en-us Mon, 06 Jul 2015 17:51:31 +0530 Mon, 06 Jul 2015 17:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6332 A taxpayer blocked from claiming exemption under Section 54F due to ownership of two houses can, under Mohammedan law, effect a valid oral gift by donor declaration, donee acceptance and transfer of possession; such gifts are saved from the Transfer of Property Act formalities by the statutory non interference provision, and transfers to relatives are excluded from taxable receipts, making factual proof of possession and acceptance central to meeting the ownership condition for the capital gain exemption. Articles Income Tax Mon, 06 Jul 2015 17:51:31 +0530 https://www.taxtmi.com/article/detailed?id=6332