Adhering to Valid Claims in ITR for LTCG on Immovable Property Sales: A Case Study

Smt. Chitra Bhaskaran Vs ITO (ITAT Chennai) Tax Payers should adhere to valid claims when reporting Long term Capital gain (LTCG) on sale of immovable property in their Income tax Return – A case study 1. Introduction:- 1.1 When a person sells immovable property, the transaction may result in either a profit or a loss. To determine this, two factors are necessary: the Selling Price and the Cost Price. In terms of income tax, the resulting profit or loss is referred to as capital gain or capital loss. This is calculated as the difference between the sale consideration of the property and its...