ITAT Allows Section 54 Exemption for Overseas Property Purchase Before 2014 Amendment

ITO Vs Pamela Pritam Ghosh (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the Revenue’s appeal against Pamela Pritam Ghosh regarding capital gains tax exemptions under Section 54 of the Income Tax Act for Assessment Year 2011-12. The dispute centered on three key issues: (1) whether exemption under Section 54 could be claimed for a house purchased abroad, (2) whether exemption under Section 54F was valid without depositing unutilized capital gains in a Capital Gains Bank Account, and (3) the appropriate indexation year for computing capital gains. The Tribunal upheld the...