Section 27 of ITA, 1961 : Section 27: Owner Of House Property, Annual Charge, Etc, Defined
ITA, 1961
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Explanation using Example
Imagine a man named Raj transfers his apartment to his wife Sunita without any financial consideration. According to the Income-tax Act of 1961, Section 27, Raj would still be considered the owner of the apartment for tax purposes, unless the transfer was part of a legal separation agreement. This means that any income from that property, such as rental income, would still be taxable in Raj's hands, not Sunita's.
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