Purchase of Flat out of Sale Proceeds of Gold Jewellery: ITAT Allows Capital Gain Exemption u/s 54F [Read Order]

Sale - Proceeds - of - Gold - Jewellery - ITAT- Capital - Gain - Exemption - TAXSCAN

The Mumbai Bench of Income Tax Appellate tribunal (ITAT) has allowed capital gain exemption under Section 54F of the Income Tax Act 1961, on finding that the purchase of flats was out of sale proceeds of gold jewellery. The assessee Kishori Dwarakanath Pandey is a teacher and takes tuition classes. The assessee jointly with her husband…

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