Can one co-owner alone be made liable to pay tax on the difference between the property’s purchase price and stamp-duty value? ITAT Mumbai has delivered a significant ruling in a similar case, which could have significant takeaways for property owners, especially couples who jointly own a property.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has said that just because a property is jointly owned with a spouse or another family member, it does not mean that one co-owner can entirely be made liable to pay tax on the difference.
