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2017 (4) TMI 1093 - AT - Income TaxAssessment of capital gains as income from other sources - co-ownership - Held that:- The facts borne out from the record before us shows that the Assessee along with her husband purchased the said property in question and sold the same. Therefore the joint ownership of the property cannot be denied. To this extent we agree with the Ld. CIT (Appeals). CIT (Appeals) having observed that when a property is owned it definitely attracts capital gains and has to be borne by the owner or co-owner in proportion to their respective shares, the decision to affirm the order of the Assessing Officer in assessing the entire sale consideration under the head income from other sources is not correct. Therefore, we hold that the sale consideration received by the Assessee from the sale of the property should be assessed under the head income from capital gains only. From the record placed before us, we find that the subject property was purchased by the Assessee in the joint names of the Assessee as well as her husband vide agreement dated 15.05.2001 from Sheth Developers Ltd. for a sale consideration of ₹ 9,05,625/- and the said flat was sold by the Assessee vide agreement for sale dated 23.10.2008 to Mr Raju Soni & Mrs Shobhana B Soni for consideration of ₹ 36,51,000/-. In the circumstances, the Assessing Officer should compute the long term capital gains instead of assessing the entire sale consideration as income from other sources. Thus, we restore this issue to the file of the Assessing Officer to compute the capital gains in the hand of the Assessee as well as in the hands of the co-owner of the property i.e. the Assessee’s husband. Appeal of the Assessee partly allowed for statistical purpose
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