Another Women-Friendly Ruling from ITAT (Jaipur): No Penalty on Wife for receiving Money from Husband for Purchase of Family Property
I n a welcoming ruling favoring women in the country, the Income Tax Appellate Tribunal (ITAT), Jaipur on 21st Oct 2021, has held that penalty under section 271D of the Income Tax Act, 1961 cannot levied on wife for receiving money from her husband for purchase of family property. The Tribunal bench comprising Judicial Member Sandeep Gosain and Accountant Member Vikram Singh Yadav was considering an appeal filed by an individual assessee Smt Meeradevi Kumavat, against the penalty order passed by the income tax authorities which was later confirmed by the first appellate authority. "Women’s purchase of asset should be seen as an empowering measure: ITAT - Jaipur" If a woman has borrowed money from her husband to buy a property, it will not attract a tax penalty, the Income Tax Appellate Tribunal (ITAT) has ruled. This is the second woman-friendly ruling by the tribunal, the first being the precedent set by ITAT, Agra that cash deposits up to ₹2.5 lakh made by housewives durin