Notional Rent Deleted for Unsold Villas Held During Pandemic: ITAT Bangalore

K.S. Akhilesh Babu Vs ACIT (ITAT Bangalore) Capital Gains on JDA & Sale of Villas – Higher Cost Allowed, Section 50C Relief Granted, Notional Rent Deleted; LTCG Claim Rejected for Partners The Bangalore ITAT partly allowed the assessee’s appeal for AY 2021-22 arising from sale of villas received under a Joint Development Agreement (JDA) and granted substantial relief on computation of capital gains and house property income. The Tribunal held that while the cost of construction (₹760 per sq. ft.) adopted at the time of JDA was correct, the cost of land had to be computed on the b...