Section 54 Benefit Allowed for Property Purchased Jointly with Spouse

Tejal Kaushal Shah Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai bench, has partly allowed an appeal filed by Ms. Tejal Kaushal Shah challenging additions made by the Assessing Officer (AO) and confirmed by the Commissioner of Income Tax (Appeals) [CIT(A)] for the Assessment Year 2012-13. The case centered on the disallowance of a deduction claimed under Section 54 of the Income Tax Act, 1961, concerning the sale and purchase of residential property, and an addition made under Section 23 as deemed rental income from an office premises. The assessee had declared a total ...