Date of Allotment of Under-Construction Property cannot be Treated as “Date of Purchase”:  ITAT allows Capital Gains Exemption u/s 54 [Read Order]

By Rasheela Basheer - On June 22, 2024 8:34 am - 2 mins read
ITAT mumbai - Capital Gains - Income Tax Appellate Tribunal - section 54 of the Income Tax - provision mandates - capital gain deduction - income tax - taxscan

In a recent ruling, a Two-Member bench of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the date of allotment in respect of an under-construction property cannot be considered as date of purchase for the purpose of allowing capital gain deduction under section 54 of the Income Tax Act, 1961…

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