Case Law Details
Shivani Madan Vs ACIT (ITAT Delhi)
Assessee liable to equal tax on income from house property where joint owner’s shares are not mentioned in sale deed
The ITAT, Delhi in Smt. Shivani Madan v. ACIT [ITA No. 1642/Del/2020 dated January 5, 2023] has held that the husband and wife will have equal shares in the house property purchased by them as joint owners, wherein, the sale deed had been executed and the shares of co-owners is not specified. Further, the assessee would be liable to pay tax on the 50% of the income from house property.
Facts:
A search was conducted at the Adam Smith Group on November 28, 2017 under Section 132 of the Income Tax Act, 1961 (“the IT Act”) wherein, the residential premises of Smt. Shivani Madan (“the Appellant”) was also searched. Thereafter, a notice dated April 26, 2019 (“the Impugned Notice”) under Section 153A of the IT Act was issued to the Appellant, to which the return was filed by the Appellant on August 14, 2019, declaring income of INR 21,09,800/- as against the earlier filed income of INR 20,95,490/-.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
