https://www.taxtmi.com/caselaws?id=185381 Section 54F exemption is unavailable where, on the date of transfer of the original asset, the assessee already owns another residential house. Ownership for this purpose depends on possession, dominion and taxable enjoyment, not merely later registration of title. The assessee had been in possession of the Khar property since 1992-93, had let it out, and was assessed on the rental income as income from house property. In these circumstances, possession in part performance, read with Section 2(47)(v) of the Income-tax Act and Section 53A of the Transfer of Property Act, was sufficient to establish ownership for income-tax purposes. The claim for exemption therefore failed. en-us Tue, 17 Apr 2007 00:00:00 +0530 Wed, 10 Aug 2016 16:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185381 Section 54F exemption is unavailable where, on the date of transfer of the original asset, the assessee already owns another residential house. Ownership for this purpose depends on possession, dominion and taxable enjoyment, not merely later registration of title. The assessee had been in possession of the Khar property since 1992-93, had let it out, and was assessed on the rental income as income from house property. In these circumstances, possession in part performance, read with Section 2(47)(v) of the Income-tax Act and Section 53A of the Transfer of Property Act, was sufficient to establish ownership for income-tax purposes. The claim for exemption therefore failed. Case-Laws Income Tax Tue, 17 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185381