Business
The Price Of Love? Wife Dragged Into I-T Case Over Husband’s Rs 6.75-Cr Property Deal
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The Bombay High Court quashed a tax notice to a Mumbai woman in a Rs 6.75 crore property deal, citing her lack of financial contribution.
News18
The Bombay High Court has given a relief to a Mumbai woman on a tax notice following a joint ownership with her husband in a Rs 6.75 crore property deal. According to Economic Times Wealth report, the HC set aside a tax notice issued to a Mumbai woman who was made a joint owner of a Rs 6.75-crore property bought entirely with her husband’s funds.
The court observed that the woman, a housewife with an annual income of just Rs 4.36 lakh, had made no financial contribution to the purchase, the ET Wealth report added.
The case arose after the Income Tax Department alleged possible tax evasion and sent notices under Section 148 of the Income Tax Act to both husband and wife. While the wife’s notice has been quashed, the husband’s case remains pending.
Understand The Full Case
According to the court order dated August 4, 2025, the wife’s name was added to the property documents purely for convenience. Bank statements confirmed the husband paid the entire amount from his HDFC Bank account, as per ET Wealth report.
The court cited its earlier decision in Kalpita Arun Lanjekar vs. ITO (2024), where a similar notice to a non-contributing joint owner was cancelled.
Justice B.P. Colabawalla and Justice Firdosh P. Pooniwalla noted that no income had escaped assessment in the wife’s case and that all payment details were traceable to her husband. They questioned why the Assessing Officer targeted her despite clear evidence.
Experts told ET Wealth Online that joint property ownership can raise red flags for tax authorities if not documented properly.
Chartered Accountant Dr. Suresh Surana told ET Wealth the purchase deed should record each co-owner’s financial contribution and ownership percentage. Proper records of bank transfers, receipts, and agreements must be kept.
CA Ashish Karundia advised documenting contributions made as gifts or loans, and reflecting the correct share of income in each person’s tax return.
If a co-owner hasn’t contributed any money, the agreement should declare that the entire purchase was funded by the primary owner, and all related income should be shown only in their ITR.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Defence stocks surge on Middle East tensions! HAL, BEL, Paras Defence rise up to 13% even as stock market crashes – The Times of India
Defence stocks today: Contrary to the crash in Nifty50 and BSE Sensex, defence stocks on Monday moved up in trade as rising Middle East tensions brought focus back on them. Shares of defence companies such as Hindustan Aeronautics, Bharat Dynamics, BEL and Paras Defence surged by as much as 13.5% as tensions in the Middle East intensified following the death of Iran’s supreme leader, Ayatollah Ali Khamenei. The escalation has raised expectations of increased export opportunities and strengthened investor sentiment toward the sector. Paras Defence led the gains, climbing 13.5%. Meanwhile, HAL, BEL and Bharat Dynamics advanced by up to 3.5% on the BSE.During his recent visit to Israel, Prime Minister Narendra Modi said that the two countries would move ahead with joint development, production and technology transfer in the defence sector.A joint statement issued after the visit noted that India and Israel would collaborate on the co-development and manufacturing of defence equipment to deepen strategic ties. The two sides also agreed to work toward concluding a bilateral trade agreement soon, broaden cooperation under the UPI digital payments framework, and partner on space projects and emerging technologies, among other areas.Brokerage house JM Financial said Indian defence companies such as Hindustan Aeronautics Limited and Bharat Electronics Limited may receive sentiment support despite continued volatility in domestic equities amid a broader global risk-off environment, according to an ET report.Defence counters have seen significant fluctuations in recent months. The sector saw a robust rally last year after Indian armed forces conducted targeted strikes against terrorist groups in Pakistan and Pakistan-occupied Kashmir. However, the uptrend later lost steam in the absence of new catalysts.Even as defence counters could witness a strong rally amid the escalating conflict, the wider equity market is expected to stay subdued.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Business
Stock Market News Live Updates: Sensex Down Over 1,000 Points, Nifty Below 24,900; India VIX Jumps Nearly 20%
Nifty, Sensex Stock Market Today Live Updates: Indian benchmark indices continued their downward trajectory on Monday, tracking weak global cues as geopolitical tensions between the US and Iran escalated.
As of 11:00 AM, the Sensex was trading 1.34 per cent, or 1,086.02 points, lower at 80,201.17, while the Nifty50 declined 1.31 per cent, or 350.55 points, to 24,828.10. Shares of Larsen & Toubro, InterGlobe Aviation and Adani Ports and Special Economic Zone were among the biggest laggards in the Nifty 50 index.
Broader market indices also traded in the red, with the Nifty MidCap and Nifty SmallCap indices falling 0.93 per cent and 1.3 per cent, respectively. Among sectoral indices, the Nifty Auto was the worst performer, sliding more than 2 per cent as shares of Maruti Suzuki India and Mahindra & Mahindra came under pressure.
On the other hand, the Nifty Metal index declined the least, making it the relatively best-performing sectoral index in early trade despite the overall weak market sentiment.
Global Cues
Over the weekend, Iran’s Supreme Leader Ayatollah Ali Khamenei and several senior officials were killed in a joint US-Israel military operation. The conflict appears set to intensify, with US President Donald Trump vowing to retaliate after American servicemen were killed in Iran’s counterattacks, according to agency reports.
Asian markets tumbled in early Monday trade. Japan’s Nikkei 225 and South Korea’s Kospi dropped as much as 2.7% and 2.43%, respectively.
On Sunday, US stock futures declined more than 1% after the strikes on Iran. Both the S&P 500 and the Dow Jones Industrial Average were reported to have fallen 1.11% each.
During the Asia session, Dow Jones Industrial Average futures and S&P 500 futures were down 0.6% and 0.54%, respectively.
In commodities, oil prices surged amid rising concerns over supply disruptions in the key producing region. Brent crude futures jumped 13.76% to $82.37 per barrel — the highest level since January 2025 — according to Bloomberg data.
Gold and silver futures rose more than 1% as investors turned to safe-haven assets.
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