Joint Ownership of two residential properties Not Bar to Section 54F Exemption

Advertisement Shweta Singh Vs ITO (ITAT Mumbai) Mumbai, [Current Date]: In a significant decision for individual taxpayers, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has ruled that mere joint ownership of residential properties does not disqualify an assessee from claiming the capital gains deduction under Section 54F of the Income Tax Act, 1961. The Tribunal, while condoning a delay in filing the appeal, sided with the assessee, Shweta Singh, highlighting a taxpayer-favorable interpretation when confronted with conflicting judicial views from non-jurisdictional High Courts. T...