ITAT ruled on joint property ownership and tax deduction claims. ...

Joint Property Investment Triggers Tax Deduction Under Section 54, Proportional Ownership Determines Claim Validity

April 25, 2025

Case Laws Income Tax AT

ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming deduction for jointly purchased property. The key determination focused on proportional investment and preventing double taxation. The tribunal directed the Assessing Officer to verify no duplicate deduction was claimed and allow Section 54 deduction corresponding to the assessee's actual investment in the new residential property. Regarding deemed rental income, the tribunal remanded the matter to the AO to determine the Annual Letting Value based on municipal rentable value, proportionate to the assessee's property share, due to insufficient documentary evidence of business usage.

View Source

← Previous Next →

ITAT ruled on joint property ownership and tax deduction claims. ...

Joint Property Investment Triggers Tax Deduction Under Section 54, Proportional Ownership Determines Claim Validity

April 25, 2025

Case Laws Income Tax AT

You may also like:

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

Exemption from payment of property tax under the provisions of the UP Municipal Corporation Adhiniyam, 1959 - The Supreme Court held that, the enemy properties vest in...

Capital gain computation - co-ownership at 50% - electivity bills or the society maintenance receipt tax does not prove the title of the property - the transfer...

Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However,...

LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT...

HC ruled that mere signatory status on property conveyance does not automatically establish ownership or tax liability under Income Tax Act. Section 26 and 27 require...

Valuation of the property under gift - Assessment u/s 15(2) of the Gift Tax Act determining the taxable gift - The assessee or her legal heir is now contesting the...

Benami transaction - availability of joint family property or income - joint family acquisition - Purchase of property in the name of wife (Mrs. A) - Presumption of...

Status of AOP - property purchased by the husband and wife in the joint names - As per the provisions of Section 45 of the Transfer of Property Act in case of joint...

ITAT reversed CIT(A)'s addition under s.69 regarding unexplained property investment, accepting loan from assessee's mother as legitimate source after verification of...

The AT dismissed the appeal challenging the provisional attachment order under the Prevention of Money Laundering Act, 2002. It held that the confirmation of the order...

LTCG - deduction u/s 54F - Ownership of more than one residential house at the time of sale of an original asset - The tribunal sided with the interpretation that joint...

Renting of immovable property service - joint ownership - their tax liability should have been determined by considering their individual rental receipts and not...

Renting of immovable property - inherited property - joint owners - demand of service tax on co-owners when the property is jointly owned by them - cannot be treated as...

Quick Updates: