Claim as Residential House having no Basic Amenities for Habitation is invalid: ITAT upholds Disallowance u/s 54 of Income Tax Act [Read Order]

Section 54 of the Income Tax Act, indicates that an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in the purchase or construction of residential property
By Yogitha S. Yogesh - On June 3, 2024 5:31 pm - 2 mins read
ITAT - income tax act - tax news - Residential houses - TAT disallowance - TAXSCAN

The New Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) found that the claim of a residential house having no basic amenities for habitation is invalid and upheld the disallowance under section 54 of the Income Tax Act, 1961. Section 54 of the Income Tax Act, indicates that an individual or Hindu…

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