The legal summary is as follows: The assessee received two flats ...

Redevelopment deal: Exchanging old flats for new qualifies for capital gains tax deduction.

Case Laws Income Tax

November 18, 2024

The legal summary is as follows: The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines 'transfer' to include various transactions, including the exchange of a capital asset. Since the assessee exchanged old flats for new flats as per the redevelopment agreement, it constitutes an exchange of capital assets. Therefore, the assessing officer is directed to allow the claim of deduction u/s 54 of the Act, as per the precedent set by the Income Tax Appellate Tribunal in the case of Shri Dilip P. Ahuja.

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The legal summary is as follows: The assessee received two flats ...

Redevelopment deal: Exchanging old flats for new qualifies for capital gains tax deduction.

Case Laws Income Tax

November 18, 2024

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