Assessee utilized long-term capital gain from sale of immovable ...

House sale profit invested in new home within time limit, exceeding sale amount.

Case Laws Income Tax

September 6, 2024

Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration for new house exceeded sale consideration received on transfer of immovable property. Appellate Tribunal directed Assessing Officer to recompute taxable total income by allowing deduction u/s 54 for investment in new residential house property against capital gains from sale of immovable property, despite assessee's failure to file return of income initially.

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Assessee utilized long-term capital gain from sale of immovable ...

House sale profit invested in new home within time limit, exceeding sale amount.

Case Laws Income Tax

September 6, 2024

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