Residential Property Sale: Owning Multiple Homes Doesn't Disqualify Capital Gains Deduction.

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....Joint ownership of multiple residential properties at the time of sale of the original asset does not disqualify the assessee from claiming deduction u/s 54F of the Income Tax Act. The Appellate Tribunal, relying on the judgments of the Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan and the Mumbai ITAT in Zainul Abedin Ghaswala, held that merely owning another property jointly on the transfer date cannot be a ground for denying Section 54F deduction on capital gains from the sale of the original asset. The Tribunal upheld the CIT(A)'s findings, dismissing the Revenue's grounds on this issue.....