Section 54 Deduction Allowed Despite Joint Ownership as Assessee Funded Purchase: ITAT Chandigarh

Jugesh Saluja Vs DCIT (ITAT Chandigarh) The Chandigarh Bench of the Income Tax Appellate Tribunal (ITAT), in Jugesh Saluja v. DCIT, partly allowed the assessee’s appeal and held that the indexed cost of improvement relating to an old residential property could not be rejected in entirety merely because decades-old bills and vouchers were unavailable. The Tribunal further held that deduction under Section 54 cannot be restricted solely because the new residential property is acquired jointly with a spouse, where the entire investment has been made by the assessee from her own funds. The a...