Indexed Cost of Construction Must Be Allowed as Building Details Were Part of Sale Deed: ITAT Chennai

Ramatas Revathi Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai, allowed the appeal of the assessee for Assessment Year 2015-16 and held that the indexed cost of construction must be considered while computing capital gains where the details of the building form part of the registered sale deed and its annexures. The assessee had sold an immovable property situated at Karaikudi during the financial year 2014-15 for a consideration of Rs.1,05,00,000 under a registered sale deed dated 05.05.2014. Based on information regarding the sale transaction, proceedings were initia...