NewsFree365
--°
All news
Banking & Economics
1 views

Bought multiple homes after selling one property? This ₹23.76 crore tax case has an important lesson for homeowners

Mumbai ITAT allowed a taxpayer’s Section 54 exemption on investments in multiple residential properties for AY 2013-14, when the law referred to “a residential house”. The Tribunal also allowed ₹20.44 lakh spent on civil and electrical…

Bought multiple homes after selling one property? This ₹23.76 crore tax case has an important lesson for homeowners

Key Highlights

  • Mumbai ITAT allowed a taxpayer’s Section 54 exemption on investments in multiple residential properties for AY 2013-14, when the law referred to “a residential house”.
  • The Tribunal also allowed ₹20.44 lakh spent on civil and electrical work to make the newly purchased flat habitable.
  • Desk angle: we track rates, inflation, and bank balance sheets against this headline. Always read the original for filings and quotes.

Mumbai ITAT allowed a taxpayer’s Section 54 exemption on investments in multiple residential properties for AY 2013-14, when the law referred to “a residential house”. The Tribunal also allowed ₹20.44 lakh spent on civil and electrical work to make the newly purchased flat habitable.

The ITAT therefore held that the taxpayer could not be denied the Section 54 benefit for AY 2013-14 merely because the capital gains were invested in more than one property. (AI-generated image used for representational purpose)
The ITAT therefore held that the taxpayer could not be denied the Section 54 benefit for AY 2013-14 merely because the capital gains were invested in more than one property. (AI-generated image used for representational purpose)
Mint Verified Source

Reported by Kirti Jha · Syndicated via official news feed

Read Full Story on Mint
Explore all Banking & Economics stories

Syndicated feed content with full publisher credit.

Banking & Economics Desk

More in Banking & Economics

Continue reading verified coverage and related developments on this desk.

View All