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Showing posts with the label co-owner

A Co-Owners Individually Can Maintain Eviction Suit

The Supreme Court, in Om Prakash vs Mishri Lal (Deceased), has reiterated that a co-owner can alone maintain a suit for eviction of the tenant without joining the other co-owners if such other co-owners do not object. The court made this observation in an appeal preferred against the high court order which had upheld a Rent Control Authority order negating the appellants’status of that of a landlord. “The judicially propounded proposition is that when the property forming the subject matter of eviction proceedings is owned by several co-owners, every co-owner owns every part and every bit of the joint property along with others and thus it cannot be said that he is only a part owner or a fractional owner of the property,” a bench comprising Justice Arun Mishra and Justice Amitava Roy said. Setting aside the high court order, the court observed that the appellants being the son of the original landlord, their status as landlords for the purpose of eviction under the Uttar Pradesh ...

Property co-ownership doesn’t mean joint I-T liability

If the spouse has not invested in a property and is merely a co-holder, then on sale of such property, she cannot be liable for tax on capital gains, the Mumbai Income-Tax Appellate Tribunal (ITAT) has recently ruled. The ITAT order will help many taxpayers as married couples are increasingly opting for property registration in joint names, even if only one of them is the investor. Anil Harish, an advocate specializing in real estate, said: "Co-holding of property is popular. Often the name of a spouse (say wife) is added to provide a sense of comfort, to ensure ease of succession on death of the partner or other reasons such as facilitating voting in a general body meeting of the housing society." The ITAT gave the order on Wednesday while hearing a case of a medical professional, Vandana Bhulchandani. An income-tax (I-T) officer, based on information in his possession, noted that Bhulchandani had not disclosed the capital gains arising from the Rs 2.12-crore sale of a...