LTCG Cannot Be Taxed in Wife’s Hands When Property Settled by Husband – ITAT Deletes Rs. 19.86 Cr Addition

Sivasundar Selvakumari Vs ITO (ITAT Chennai) LTCG Cannot Be Taxed in Wife’s Hands When Property Settled by Husband – ITAT Deletes Rs. 19.86 Cr Addition The assessee sold an immovable property for ₹20 crore, out of which ₹19.40 crore was directly paid by the buyer to SBI to discharge mortgage loans relating to the property. AO treated the entire transaction as taxable Long-Term Capital Gain in the hands of the assessee &  computed LTCG of ₹19.86 crore, denying deduction for repayment of the mortgage liability. The assessee explained that the property had been settled by her husba...