'No tax cut on house sale if new flat in wife name'

The Income-Tax Appellate Tribunal (ITAT)'s Mumbai bench recently denied a taxpayer I-T benefits available when long-term capital gains arising from the sale of a residential property are invested in a new house. The sole reason for the denial was that the taxpayer bought the new house in his wife and adult daughter's names.

from Times of India https://ift.tt/2GbMl7r