Mere ‘legal’ owner of property needn’t pay cap gains tax: ITAT – The Times of India
MUMBAI: In a significant decision, the Income Tax Appellate Tribunal (ITAT), Mumbai bench, distinguished between a legal owner (an individual whose name is merely added on purchase of a property, say a spouse or brother) and a beneficial owner (to whom it actually belongs).The ITAT emphasized that merely having a name on a property title…