Section 54 Exemption Cannot Be Denied Due to Joint Ownership With Spouse: ITAT Chandigarh

Jugesh Saluja Vs DCIT (ITAT Chandigarh) In the case before the Income Tax Appellate Tribunal Chandigarh, the assessee challenged disallowance of indexed cost of improvement and restriction of deduction under Section 54 arising from sale of a residential property at Chandigarh. The Assessing Officer had rejected the indexed cost of improvement claim due to absence of old bills and vouchers and restricted Section 54 deduction to 50% because the new residential property at Pune was jointly purchased in the names of the assessee and her husband. The Tribunal observed that the existence of a 3300 s...