New Delhi, Sept. 23 -- Buying a house jointly with your spouse does not necessarily mean both of you get an equal share of the tax benefits associated with a house property. A recent tax tribunal ruling shows why the actual contribution made towards buying the property matters more than simply adding a co-owner to the title document.

In Himanshu Manoranjan Bhatt v. ITO, the taxpayer had sold a residential property and earned long-term capital gains of Rs.72.83 lakh. He then bought another flat for Rs.1.37 crore jointly with his wife and claimed exemption on the entire capital gain under Section 82 of the Income-tax Act 2025.

Section 82 allows an individual or Hindu Undivided Family selling a qualifying residential house to save tax on t...