LTCG tax computation on sale of house property: How this ITAT order favouring a taxpayer will change the way capital gains is calculated

Homebuyers wins: The income tax dept imposed Rs 1.42 crore short term capital gains (STCG) on house that was sold in FY 2009-10. This flat was alloted on October 7, 2005 and was registered in FY 2015-16 by the builder. This is why tax dept. rejected the Section 54 capital gains tax exemption on this property sale & imposed STCG. Read below to know how this case was won.

from Tax-Wealth-Economic Times https://ift.tt/blUHJSt