https://www.taxtmi.com/caselaws?id=37263 The High Court held that income from a house property purchased by the assessee's wife using a gift should not be included in the assessee's total income under Section 64(1)(iv) of the Income Tax Act, 1961. The annual value of the house property should be computed based on the owner's other income, not the assessee's total income. The Court determined that the assessee was not the owner of the house property under Section 27(i) as the transfer was of cash, not the property itself. The decision favored the assessee, directing the Commissioner of Income-tax to pay the costs of the reference to the assessee. en-us Mon, 29 Jan 1979 00:00:00 +0530 Sat, 27 Mar 2010 16:52:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37263 The High Court held that income from a house property purchased by the assessee's wife using a gift should not be included in the assessee's total income under Section 64(1)(iv) of the Income Tax Act, 1961. The annual value of the house property should be computed based on the owner's other income, not the assessee's total income. The Court determined that the assessee was not the owner of the house property under Section 27(i) as the transfer was of cash, not the property itself. The decision favored the assessee, directing the Commissioner of Income-tax to pay the costs of the reference to the assessee. Case-Laws Income Tax Mon, 29 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37263