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Case Law Details

Case Name : Smt. Chitra Bhaskaran Vs ITO (ITAT Chennai)
Related Assessment Year : 2007-08
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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 diffe

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Author Bio

I am Punyakoti Venkatesan, a retired IRS officer who completed govt. service in 2024 as a Joint Commissioner of Income Tax. I began my career with the Income Tax Department in 1987 and held various positions throughout my tenure, including Inspector of Income Tax, Income Tax Officer, Assistant Commi View Full Profile

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