Sale of Flat Classified as Long-Term Capital Gain Based on Previous Owner’s Holding Period: ITAT Overturns CIT(A) Order [Read Order]
The tribunal also observed that a gift is not considered a transfer for tax purposes, and the indexed cost of acquisition should be based on the previous owner’s acquisition date and cost
In the recent case, the Delhi bench of Income Tax Appellate Tribunal(ITAT) overturned the Commissioner Of Income Tax (Appeals)[CIT(A)]’s ruling, classifying the sale of the Faridabad flat as a long-term capital gain. The tribunal made this decision by using the previous owner’s holding period and cost, in line with established rules for gifted assets. Ashish,…
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