Consider Agreement Date for Capital Gains and Section 54/54F Exemption: SC

Sanjeev Lal Etc Vs CIT (Supreme Court of India) Introduction: In a significant ruling, the Supreme Court of India has provided clarity on the treatment of capital gains and Section 54/54F exemptions in the case of Sanjeev Lal and others versus the Commissioner of Income Tax (CIT). This judgment addresses the critical issue of the agreement date’s relevance in capital gains taxation and its impact on Section 54/54F exemptions. Background: The case revolves around a residential property in Chandigarh, House No. 267, Sector 9-C, originally owned by Shri Amrit Lal. After his demise, the pro...