If you have sold a property and invested in another property along with your wife, but you have paid the entire amount yourself, then you must refer to the case given below:
An assessee sold his old home and bought a new one jointly with his wife.
But there was a catch.
He said he had paid for the entire new property.
The tax officer, however, allowed the tax exemption on only 50% of the investment because the property was jointly owned.
The matter reached the Mumbai ITAT.
The Tribunal held that joint ownership does not automatically mean equal investment.
If the assessee can establish that he made the entire investment, the tax benefit cannot be cut to 50% merely because his wife’s name is also on the property.