Bought property jointly? Mumbai ITAT says tax benefit when property is sold may depend on who paid how much

Wife buys husband's Rs 7.5 crore Mumbai property, ITAT allows tax benefit

Buying a residential property from one's own spouse does not, by itself, make the transaction a colourable device to avoid tax, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held, allowing a woman's…