Long Term Capital Gain on the transfer of a residential house under the Income Tax Act

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Last updated: 20 July 2021
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This Income Tax Appellate Tribunal case concerns the calculation of long-term capital gains tax on the transfer of a residential property. The assessee argued that two small flats in the same building, treated as one residence, should be considered as a single unit for capital gains tax purposes. The tribunal reviewed whether the sale consideration was correctly determined and if deductions under Section 54 for acquiring a new residence were appropriate.

Court :
ITAT Mumbai

Brief :
This appeal by the Assessee is directed against the order of learned CIT(A)-45 dated 23.05.2019 and pertains to Assessment Year 2013-14.

Citation :
I.T.A. No. 6613/Mum/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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