Capital gain from jointly owned property sale cannot be attributed to single co-owner

Sureshbhai Ashwinbhai Patel Vs ITO (ITAT Ahmedabad) The case of Sureshbhai Ashwinbhai Patel Vs ITO, heard by Income Tax Appellate Tribunal (ITAT) in Ahmedabad, provides crucial insights on the taxation of gains from jointly owned property. This case signifies that the entire consideration from such a sale cannot be treated as the long-term capital gain of a single co-owner. Analysis: The appeal, initiated by the Assessee against an order from the CIT(A), revolved around the sale of a jointly owned property. The Assessee contended that the property was co-owned with his son, Sureshchandra Ashwi...