The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a residential house. Since no building was sold, exemption under Section 54 was rightly denied.
Interplay of Tax Treatment Between Section 10(23C)(iiiad) of the 1961, Act and Section 332 (RNPO) of the New Income Tax Act, 2025 Introductory View The era of New Income Tax Act, 2025 marks a shift from “Category-Based Exemptions” to a “Universal Registration Framework.” The specific exemption for small educational institutions under Section 10(23C)(iiiad) of the 1961 Act […]
The new tax law addresses long-standing concerns over complexity by reducing provisions and simplifying language. It introduces structural clarity and digital tools to improve compliance while reducing taxpayer burden.
