Joint Ownership Doesn’t Bar Section 54F Deduction: ITAT Delhi

Kusum Sahgal Vs ACIT (ITAT Delhi) Joint Ownership Not a Bar for 54F—Assessee Owning Only Fractional Shares Eligible for Full Deduction; AO & CIT(A) Orders Set Aside Assessee filed return declaring Rs.66.14 crores & claimed long-term capital gains exemption u/s 54F on investment of Rs.21.28 crores in a residential unit at “The Camellias”, DLF, Gurgaon, arising from sale of shares of Quality Needles Pvt Ltd. AO denied deduction u/s 54F on the ground that Assessee jointly owned more than one residential property on the date of transfer & further disallowed share-transfer expense...