Allowing the appeal of the assessee the Tribunal held that the assesee was full owner of first residential property and had 50% share in the second residential property on the date of transfer of original capital asset in the form of a plot . Denial of exemption under section 54F on the ground that he was holder of 50% of share jointly with wife in the residential property is not valid . Followed Amit Gupta v. ACIT ( 2017) 43 ITR 427 ( Delhi)( Trib) ( ITA No. 5453/ Mum/2019 dt. 14 -6 -2022) (AY. )
Anant R .Gowande v. ACIT ( 2022) The Chamber’s Journal – December – P. 89 ( Mum)( Trib)
S.54F : Capital gains- Investment in a residential house -Co-owner of property – Cannot be treated as absolute owner – Denial of exemption is not valid [ S. 45 ]