https://www.taxtmi.com/caselaws?id=759930 ITAT Mumbai upheld assessee's claim for deduction under section 54F despite joint ownership of multiple residential properties at time of original asset sale. Revenue argued joint ownership of other properties disqualified assessee from claiming long-term capital gains deduction. Tribunal relied on Madras HC precedent in Dr. Smt. P.K.Vasanthi Rangarajan and ITAT Mumbai decision in Zainul Abedin Ghaswala, ruling that joint ownership does not disentitle assessee from section 54F deduction. CIT(A)'s findings were upheld and Revenue's grounds dismissed. en-us Fri, 27 Sep 2024 00:00:00 +0530 Thu, 10 Oct 2024 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759930 ITAT Mumbai upheld assessee's claim for deduction under section 54F despite joint ownership of multiple residential properties at time of original asset sale. Revenue argued joint ownership of other properties disqualified assessee from claiming long-term capital gains deduction. Tribunal relied on Madras HC precedent in Dr. Smt. P.K.Vasanthi Rangarajan and ITAT Mumbai decision in Zainul Abedin Ghaswala, ruling that joint ownership does not disentitle assessee from section 54F deduction. CIT(A)'s findings were upheld and Revenue's grounds dismissed. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759930