Joint Property Purchase: Stamp Duty Difference Cannot Be Taxed Fully in One Buyer’s Hands

Sukkaran Kalaiselvi Vs ITO (ITAT Chennai) Equal Owners, Equal Tax – Stamp Duty Difference to Be Shared Equally in case of joint purchase- Stamp Duty Difference Cannot Be Taxed Fully in One Buyer’s Hands – ITAT Chennai Restricts Addition to ¼ Share Chennai ITAT partly allowed the appeal by holding that addition on account of difference between guideline value & registered sale consideration cannot be taxed entirely in one co-owner’s hands, but only to the extent of her share. Assessee, deriving income from milk vending, purchased property jointly with her husband, son & a...