I wanted to give a whole proof of this fact as I was not able to find a detailed one myself. I have the feeling that such a proof has been asked quite frequently by several users and I hope this may help other students as me who are touching on this topic for the first time.
For $\mathbb CP^1$ we take the definition $(\mathbb C^2-\{0\})/(z\tilde{}\lambda z)$ for any $\lambda$ non zero complex number.
Define $$F: \mathbb R^4 \to S^2/\tilde{}_{antipodal}, \space (x_1,x_2,x_3,x_4) \mapsto [\frac{1}{\Vert(x_1,x_2,x_3)\Vert_2}(x_1,x_2,x_3)] $$
Observe that $$F(\lambda x)=[\frac{\lambda}{\vert \lambda \vert\ Vert(x_1,x_2,x_3)\Vert_2}(x_1,x_2,x_3)]=\{\stackrel{+}-\frac{1}{\Vert(x_1,x_2,x_3)\Vert_2}(x_1,x_2,x_3)\}=[\frac{1}{\Vert(x_1,x_2,x_3)\Vert_2}(x_1,x_2,x_3)]=F(x)$$
hence $F$ descend to $\tilde{F}: \mathbb R P^3 \to S^2/\tilde{}_{antipodal}$ and is continuous since $F$ is continuous. $\tilde{F}$ is obviously surjective and also injective since $\tilde{F}([x])=\tilde{F}([y]) \implies x \space\tilde{}_{antipodal}\space y$ and therefore $x=-y \implies [x]=[y]$. The domain is compact and the target is Hausdorff so we obtain $$\mathbb R P^3 \approx S^2 / \tilde{}_{antipodal}$$By some similiar argument one can show that $S^2 \approx S^2/\tilde{}_{antipodal}$ and hence $\mathbb R P^3 \approx S^2$ and so we conclude $$\mathbb C P^1 \approx S^2$$
Question: Is this approach of viewing $\mathbb C P^1$ as $\mathbb R P^3$ right? Is the argument right, are there any flaws?