Case Law Details
Case Name : Dilip Divakaran Kanath Vs ITO (ITAT Mumbai)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Mumbai
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Dilip Divakaran Kanath Vs ITO (ITAT Mumbai)
ITAT Mumbai held that once whole income i.e. LTCG from sale of joint property purchased is brought to tax in the hands of assessee’s wife and claim is granted by the Coordinate bench, the same income cannot be taxed in the hands of the assessee.
Facts- The assessee and his wife, Mrs. Likhiya Dilip Kanath, jointly purchased a property in Chandivali in the year 2005 in the ratio of 50:50 for ₹.22,50,000 plus registration. Subsequently, they sold the said property in A.Y.2009-10 for a consideration of ₹.59,00,000/- and computed long term capital g...
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Author Bio
i gifted rs.30 lakhs to my to buy senior citizens saving scheme deposit in her name. I clubbed the interest she earned under her PAN number in my income and I paid tax for total amount. Now,in her AIS the same amount is appearing. Whether she has to pay tax for that amount ( which I clubbed with my income and paid tax). If not,how to deal with the entry in her AIS while filling her own ITR?