Denial of deduction under section 54F citing joint ownership of residential property outside India

Facts:

Assessee claimed deduction of section 54F which was denied by AO citing that he was a joint owner in a residential property outside India in USA, On appeal CIT(A) allowed the appeal of the assessee. On further appeal by revenue -

Held in favour of revenue that all that section 54F contains is that the assessee should not be owning a residential house at the time of transfer. Since the assessee was factually found to be the joint owner of a residential house in USA the benefit of section 54F cannot be granted to the assessee.

Ed. Note: Unlike section 54, 54F does not specify ownership has to be in India or otherwise to claim the benefit of the said section. 

Case: Dy. CIT v. Babu Rajendra Prasad Vadlamudi 2023 TaxPub(DT) 3205 (Viz-Trib)