ITAT Mumbai Allows Section 54 Exemption on Sale of Inherited Flat as LTCG

Rajani Shivaji Ghadge Vs ITO (ITAT Mumbai) Sale of Inherited Flat Treated as Long-Term Capital Asset; Section 54 Exemption Allowed: ITAT Mumbai Grants Full Relief The Mumbai Bench of the ITAT allowed the assessee’s appeal for AY 2016-17 and granted complete relief on capital gains arising from sale of a residential flat. The Assessing Officer had taxed the entire consideration of ₹51.48 lakh as short-term capital gains in reassessment proceedings. The CIT(A), after admitting additional evidence and considering the remand report, restricted the taxable amount to ₹10 lakh, being the assess...