Recently, the Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench denied a taxpayer the advantage of long-term money gains (LTCG) taxation, makes it possible for a person to save lots of income tax on the gains he makes after attempting to sell a home. They can achieve this by spending the profits in a fresh property that is residential.
The cause of denial: The taxpayer didn’t choose the property that is new their title – alternatively he bought it within the title of their spouse and child. Your order is as opposed towards the scene that several other ITATs and high courts have actually drawn in the last. Delhi High Court, as an example, permitted a taxpayer to .
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