Computation of LTCG under the Income Tax Act

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Last updated: 10 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns the computation of Long Term Capital Gains (LTCG) for an individual who sold a property in Bengaluru. The Assessing Officer (AO) initially disallowed a deduction for a new property purchase due to a lack of evidence and treated the full sale amount plus brokerage as capital gain. However, during the appeal process, the AO accepted the brokerage deduction upon reviewing evidence. The tribunal also considered the cost of acquisition for the property sold.

Court :
ITAT Bangalore

Brief :
This is an appeal by the assessee against the order dated 25.03.2019 of CIT(A)-2, Bengaluru, relating to Assessment Year 2013-14.

Citation :
ITA No.1162/Bang/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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