ITAT Jaipur Clarifies ‘Ownership’ Under Section 54F in Capital Gains Dispute

Ram Prakash Miyan Bazaz Vs DCIT (ITAT Jaipur) In a significant ruling that provides clarity on the interpretation of Section 54F of the Income Tax Act, 1961, the Income Tax Appellate Tribunal (ITAT), Jaipur Bench, has held that merely booking a flat and making advance payments does not constitute ‘ownership’ of a residential house for the purpose of the restrictive conditions under the said section. The case of Ram Prakash Miyan Bazaz Vs DCIT hinged on the crucial distinction between having a ‘right to acquire’ a property and legally ‘owning’ it on the date ...