S.54F Income Tax Deduction for LTCG can be claimed when Invested in Residential Property: ITAT [Read Order]

It was ruled that a deduction under Section 54F of the Income Tax Act can be claimed if long-term capital gains are invested in residential property
By Sneha Sukumaran Mullakkal - On July 31, 2024 12:49 pm - 2 mins read
Income Tax Deduction - LTCG - claimed - Invested - Residential Property - ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) contended that Section 54F of the Income Tax Act, 1961 allows for a deduction on long-term capital gains when these gains are reinvested in residential property. Bhupendrabhai Punjabhai Patel, the appellant-assessee, filed an appeal challenging the decision of Commissioner of Income Tax (Appeals) [CIT (A)]…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader