Denied Rs 91.45 lakh capital gains deduction after selling a plot, taxpayer challenges Income Tax Department’s order in ITAT and wins case

The Income Tax Appellate Tribunal (ITAT) Pune ruled that investing full capital gains into a new property qualifies for Section 54F exemption, even if the entire sale consideration wasn't deposited in the Capital Gains Account Scheme (CGAS) before filing the ITR. This decision favored a taxpayer from Pune who had sold a plot of land, bought a new property and claimed full tax exemption of the capital gains from the sale of land.

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