Deduction U/s. 54 cannot be denied proportionately merely for Joint Ownership

Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the property. The assessee, an NRI made investment in the property. He added the name of his father in the sale deed as a joint-owner to safe guard his interest. The sole grievance of the assessee was that the Assessing Officer disallowed 50% claim of the assessee and gave exemption u/s.54 of the Act of Rs...