Exemption u/s 54 of income tax act

Is society registered under any co op housing society act?

If yes, then it will be treated as deemed ownership, and exemption u/s. 54 will be allowed.

It is not a co-operative society. Its built by a pvt ltd company who is still the owner. It issues share certificate to flat buyers.

Without valid transfer document title of the property itself is in question.

Without any approved organization, the authenticity of share certificate is again in question.

AO may disallow any such exemption claimed without title of the property. 

You may consult a tax consultant in nearby area, for more clarification.

Ok. Thanks for your response Sir. So, the pvt ltd company who built the apartment complex is a registered and a big company. Dispute is going on with the High Court to allow individual flat owners to become khata holders. Till then, they have share certificate. Does this not enable them to be called owners? 

" Till then, they have share certificate. Does this not enable them to be called owners? "

Answer lies........ in Till Then..........

The matter is sub-judice............ So, when AO reject the claim for exemption, you will have to know the door again.

Got it. Thank you Sir.

My Pleasure.