https://www.taxtmi.com/caselaws?id=752581 ITAT Mumbai allowed assessee's appeal for LTCG exemption under section 54F. AO denied exemption claiming assessee owned 16.67% share in six flats, violating the condition of not owning more than one residential house. ITAT held that joint/fractional ownership differs from absolute ownership. Since section 54F uses "own" without qualifying words like "wholly or partly" (unlike section 32 post-1997 amendment), it requires complete ownership. Joint owners cannot claim absolute ownership of residential property as they can only sell their share while property remains with co-owners. Therefore, fractional ownership in six flats cannot disqualify assessee from section 54F benefits. en-us Mon, 01 Jan 2024 00:00:00 +0530 Mon, 13 May 2024 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752581 ITAT Mumbai allowed assessee's appeal for LTCG exemption under section 54F. AO denied exemption claiming assessee owned 16.67% share in six flats, violating the condition of not owning more than one residential house. ITAT held that joint/fractional ownership differs from absolute ownership. Since section 54F uses "own" without qualifying words like "wholly or partly" (unlike section 32 post-1997 amendment), it requires complete ownership. Joint owners cannot claim absolute ownership of residential property as they can only sell their share while property remains with co-owners. Therefore, fractional ownership in six flats cannot disqualify assessee from section 54F benefits. Case-Laws Income Tax Mon, 01 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752581