https://www.taxtmi.com/caselaws?id=751363 ITAT Mumbai held that joint ownership of multiple residential properties does not disqualify an assessee from claiming deduction under section 54F for long-term capital gains. The tribunal relied on Madras HC precedent in Dr. Smt. P.K.Vasanthi Rangarajan and ITAT Surat decision in Mukesh Arvindlal Vakharia, noting that revenue failed to cite contrary jurisdictional HC authority. The tribunal ruled in favor of the assessee, allowing the section 54F deduction despite joint ownership of more than one residential house at the time of asset transfer. en-us Thu, 21 Mar 2024 00:00:00 +0530 Mon, 15 Apr 2024 08:32:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751363 ITAT Mumbai held that joint ownership of multiple residential properties does not disqualify an assessee from claiming deduction under section 54F for long-term capital gains. The tribunal relied on Madras HC precedent in Dr. Smt. P.K.Vasanthi Rangarajan and ITAT Surat decision in Mukesh Arvindlal Vakharia, noting that revenue failed to cite contrary jurisdictional HC authority. The tribunal ruled in favor of the assessee, allowing the section 54F deduction despite joint ownership of more than one residential house at the time of asset transfer. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751363