LTCG on Minor Daughter’s Share Kept in Court Not Clubbable with Assessee’s Income

Pradeep Jeyavelu Vs ITO (ITAT Chennai) In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Chennai Bench, has held that capital gains tax cannot be levied on a minor’s share of property sale proceeds if the funds are deposited in a nationalized bank under the directive of a court order. The tribunal’s decision, in the case of Pradeep Jeyavelu vs. Income Tax Officer (ITO), deleted an addition made by the Assessing Officer (AO) and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)]. The appeal, for the assessment year 2016-17, centered on whether the sale p...