ITAT: Taxpayer co-owning more than 1 home can claim benefit

The Income-tax Appellate Tribunal (ITAT), Mumbai bench, has held that co-ownership in more than one residential house will not debar the taxpayer from claiming tax exemption on long-term capital gains. This decision, given in the context of Section 54F of the Income-tax (I-T) Act, will benefit several taxpayers, as typically in large families investments are made in joint names.



June 11, 2023 at 07:42AM