Joint Ownership Doesn't Affect Tax Benefits: ITAT

12 Apr 2024 CW Team

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has clarified that joint ownership of a flat does not disqualify an individual from claiming tax benefits on investments made in another house. This decision provides clarity on tax implications for individuals who jointly own a property and wish to invest in another residential property for tax benefits.

The ruling by the ITAT underscores the principle that tax benefits on investments in residential properties should not be restricted solely based on joint ownership of another property. It affirms the rights of individuals to avail of tax deductions on investments made in residential properties, irrespective of joint ownership arrangements.

The clarification from the ITAT is expected to provide relief to individuals who are co-owners of a property and seek to avail of tax benefits under relevant provisions of the Income Tax Act. It eliminates ambiguity and ensures consistency in the application of tax laws concerning investments in residential real estate.

Moreover, the ruling highlights the importance of considering individual circumstances and legal arrangements when assessing tax liabilities and benefits related to real estate transactions. It emphasises the need for a nuanced approach to tax planning and compliance, taking into account factors such as joint ownership and investment objectives.

Overall, the ITAT's ruling serves to streamline tax regulations pertaining to investments in residential properties and promote clarity and consistency in tax assessment processes. It reaffirms the principle of equity and fairness in taxation and provides reassurance to taxpayers regarding their rights and entitlements under the law.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..