Tax Deduction Denied: Tenancy Rights Don't Qualify as Ownership u/s 54/54F of Income Tax Act.

Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights - conditions of Section 54/54F is to purchase or construct the new property within the specified time - deduction denied on acquisition of tenancy right .....

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