In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband: ITAT [Read Order]

“In a male dominating society, investment made in the name of the husband is also to be considered as investment” and the assessee wife can claim exemption from tax liability under Section 54F of the Income Tax Act, the Chennai bench of Income Tax Appellate Tribunal has said.The Tribunal said the assessee is eligible for exemption under Section 54F of the Act even though the investment. “In a male dominating society, investment made in the name of the husband is also to be considered as investment” and the assessee wife can claim exemption from tax liability under Section 54F of the Income Tax Act, the Chennai bench of Income Tax Appellate Tribunal has said. The Tribunal said the assessee is eligible for exemption under Section 54F of the Act even though the investment was said to be made in the joint name of assessee and her husband as “under the common law, assessee and her husband are one and same. Therefore, even though the property sold stands in the name of assessee alone and the investment was admittedly made in the name of assessee and her husband, this Tribunal is of the considered opinion that the object of enactment to promote housing facility in the country is achieved and the assessee’s husband cannot be considered as a third party as far as the assessee’s investment is concerned”.