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Income tax: Wife escapes ₹7.09 lakh addition after bank records prove husband paid for the entire joint property

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India

Income tax: Wife escapes ₹7.09 lakh addition after bank records prove husband paid for the entire joint property — Sources: livemint.com

A Kolkata woman won an income-tax appeal after proving her husband alone funded a jointly purchased property that was valued ₹14.2 lakh higher by the stamp authority. ITAT Kolkata deleted the ₹7.09 lakh tax addition made in her hands under Section 56(2)(vii)(b).

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