Deduction u/s 54 of Income Tax Act not allowable as Capital Gain as is not Taxable in Current Assessment Year: ITAT directs to examine Previous A.Y [Read Order]

By Aparna. M - On August 2, 2023 6:10 pm - 2 mins read
Deduction - Income -Tax -Act- Capital- Gain - Taxable - Current- Assessment -ITAT -taxscan

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench while directing to examine previous year assessment regarding capital gain exemption held that deduction under Section 54 of Income Tax Act, 1961 is not allowable as capital gain is not taxable in the current assessment year. The sale of the residential property was occurred in the previous…

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