Capital Gains Recomputed After Proving Gift-Funded Purchase Cost

Mohsin Himmati Vs ADIT (ITAT Hyderabad) Father’s Bank-Funded Payments Allowed as Cost of Acquisition — ITAT Hyderabad Grants Full LTCG Relief The Hyderabad Bench of the ITAT allowed the assessee’s appeal for AY 2023-24, holding that payments made by the father of the assessee towards purchase of property, duly supported by bank statements, constitute valid cost of acquisition and cannot be disallowed while computing long-term capital gains. Key findings of the Tribunal: Facts of the case: The assessee (a non-resident) sold an immovable property for ₹2.31 crore. The prop...