Joint ownership of flat with spouse does not mean that tax sop should be equally divided: ITAT
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that tax exemptions under section 54 cannot be automatically divided equally between spouses for jointly owned properties. The key factor is the actual investment made by the taxpayer, as demonstrated in a case where one spouse claimed full investment despite joint ownership. This decision clarifies tax treatment for similar cases going forward.