Recently, the Income-Tax Appellate Tribunal’s (ITAT) Mumbai bench denied a taxpayer the advantage of long-lasting money gains (LTCG) income tax, makes it possible for a person to save lots of income tax in the gains he makes after attempting to sell a home. He is able to do this by investing the profits in a unique investment property.
The cause of denial: The taxpayer didn’t choose the property that is new their name – alternatively he bought it when you look at the title of their spouse and daughter. Your order is contrary to the scene that various other ITATs and courts that are high consumed the last. Delhi tall Court, as an example, permitted a taxpayer to .
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