https://www.taxtmi.com/caselaws?id=436212 An unregistered gift deed of immovable property does not confer legal title under section 17 of the Registration Act, 1908, and cannot alter the holding period for capital-gains classification; on the facts stated, the ground-floor transfer was therefore treated as short-term capital gain and the higher claimed cost of acquisition was rejected. For section 54, the expression "a residential house" was construed to include more than one residential property for the relevant period, so investment of capital gains in the basement property was not disqualified merely because more than one residential house was purchased. The section 54 exemption was accordingly available where the statutory conditions were otherwise satisfied. en-us Wed, 05 Apr 2023 00:00:00 +0530 Fri, 07 Apr 2023 08:43:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436212 An unregistered gift deed of immovable property does not confer legal title under section 17 of the Registration Act, 1908, and cannot alter the holding period for capital-gains classification; on the facts stated, the ground-floor transfer was therefore treated as short-term capital gain and the higher claimed cost of acquisition was rejected. For section 54, the expression "a residential house" was construed to include more than one residential property for the relevant period, so investment of capital gains in the basement property was not disqualified merely because more than one residential house was purchased. The section 54 exemption was accordingly available where the statutory conditions were otherwise satisfied. Case-Laws Income Tax Wed, 05 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436212