https://www.taxtmi.com/caselaws?id=329496 A residential house received under a settlement deed subject to the settlor's retained life interest was not treated as fully owned by the assessee for Section 54F purposes. Because the deed conveyed the property subject to the settlor's continuing life interest, the assessee did not obtain full and absolute ownership during the settlor's lifetime. Applying the meaning of "gift" under Section 122 of the Transfer of Property Act and the requirement that "own" in Section 54F refers to a wholly owned residential house, the house could not be counted as an owned house to deny the exemption. The denial of Section 54F relief was therefore unsustainable, and the exemption was to be granted. en-us Thu, 12 May 2016 00:00:00 +0530 Mon, 04 Jul 2016 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329496 A residential house received under a settlement deed subject to the settlor's retained life interest was not treated as fully owned by the assessee for Section 54F purposes. Because the deed conveyed the property subject to the settlor's continuing life interest, the assessee did not obtain full and absolute ownership during the settlor's lifetime. Applying the meaning of "gift" under Section 122 of the Transfer of Property Act and the requirement that "own" in Section 54F refers to a wholly owned residential house, the house could not be counted as an owned house to deny the exemption. The denial of Section 54F relief was therefore unsustainable, and the exemption was to be granted. Case-Laws Income Tax Thu, 12 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329496