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In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband

Courtesy/By: Shubham Mathur | 18 Dec 2018

“In a male dominating society, investment made in the name of the husband is also to be considered as investment” and the assessee wife can claim exemption from tax liability under Section 54F of the Income Tax Act, the Chennai bench of Income Tax Appellate Tribunal has said. The Tribunal said the assessee is eligible for exemption under Section 54F of the Act even though the investment was said to be made in the joint name of assessee and her husband as “under the common law, assessee and her husband are one and same. Therefore, when the investment was made in the name of the assessee and her husband, it has to be considered that investment was made by the assessee”.

The bench of Judicial Member NRS Ganesan and Accountant Member A Mohan Alankamony said so while considering the issue of investment of sale proceeds in the name of the assessee and her husband. In the appeal before the tribunal, the Assessing Officer had disallowed the claim of the assessee under Section 54F of the Act on the ground that the assessee’s husband was not having any share in the property sold by the assessee. Since the investment was made in the name of the assessee and her husband, the Assessing Officer restricted the investment to the extent 50 per cent.

Courtesy/By: Shubham Mathur | 18 Dec 2018