09 July 2014
Requiring help in understanding the wording of section 54F. One of the clauses under 54F which has to be fulfilled to claim tax exemption by purchasing property is that the purchaser should not "own more than one residential house". What does the word "own" mean? Does it mean not more than one residential house should be registered in his/her name? There can be a case where the purchaser had purchased a residential house but not yet registered in his/her name. In that case will that property be counted as a "owned" property?
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