Your Flat Is Jointly Held. Will You Get Full Tax Bene凒t?

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Assessees using house sale money to buy another house get relief under tax laws (Representational image) DON'T MISS HIGHLIGHTS The Mumbai bench of Income Tax Appellate Tribunal That's Little Ranbir In Pic Posted (ITAT) in a recent order ruled that because the name of a 1 Assessees using house sale Amid IT Layoff By Rishi Kapoor. Can You Identify money to buy another house get close relative has been added to a newly-purchased Fears, Techies Urged The Others? tax relief property (or in other words, the new property is jointly To 'Go Back To The Drawing Board' held), it should not result in dilution of the income tax 2 Tribunal ruled in favour of assesse in case related to bene渄ts for the purchaser. The case relates to J Faria of newly-bought house Mumbai incurring capital gains of around R 43 lakh on sale Invisible Hearing Aids Changing of a residential house. He then reinvested around R 42.65 The Lives Of Over50s In Delhi 3 Judgment of Mumbai Tribunal lakh in a new residential house and claimed this amount Hear.com clari渄catory in nature, says one tax expert as exempt under Section 54 of the Income Tax Act. RELATED

Salary Vs Freelance: How Section 54 of Income Tax Act gives relief to a taxpayer Cloud Eggs: A Unique Way of To Manage Your Taxes who sells his or her residential house and from the sale proceeds he or she acquires Making Eggs is Going Viral! another residential house. Mr Faria on the balance of around R 35,000, paid capital gains tax How To Optimise Your Cost To Company (CTC) amounting to R 7,376. To Save Income Tax

GST Rollout: Cess Seen "This judgment of Mumbai Tribunal is clari渄catory in nature as it is well-settled principle in Car Thieves Will Hate This Tiny Yielding R 55,000 Crore Income-tax laws that once it is established that the person who is claiming the exemption Device In First 9 Months has actually spent the amount and found to be genuine, such a claim cannot be denied TechieFans merely on the pretext that it was done in the name of some relative, unless otherwise stated," said Sandeep Sehgal, director for tax and regulatory at Ashok Maheshwary & R. Madhavans Best Performances Associates LLP. That Make Him A Superstar NDTV

The income tax assessing o퐆cer in this case held that since the new house was purchased in the name of two persons (J Faria and his brother K Faira), the exemption claimed by J Faria will be restricted to 50 per cent despite the fact that the assessee giving in writing that the name of the his brother was included for the sake of convenience and the entire amount Pictures from the ground: Iraqi was paid by the assessee. forces close in on Islamic State Reuters TV

The assessee said that the name of his brother was added in the agreement of new property so purchased for the sake of convenience. And the entire investment for the purchase of new property, along with stamp duty and registration charges, was paid by him. MOM Poster: Sridevi Cannot 'Trust' Akshaye Khanna. Can You? The tribunal said that since the entire investment was made by the assessee and it was only for the purpose of safety that he has included the name of his brother, there is no justi渄cation for giving just 50 per cent tax bene渄t of investment in the new house. Get 1 Cr Life Cover with Monthly For latest news on Business, like us on Facebook and follow us on Twitter. Income in Just Rs 20/Day PolicyX.com Story ⋜rst published on: May 07, 2017 08:37 (IST)

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