Relinquishment of right in a property is capital gain

DCIT Vs Keezhayur Sowrirajan Sreenivasan (ITAT Chennai)

Consideration received for relinquishment of right in property is assessable under the head ‘income from capital gains’.

Facts-

During the course of assessment proceedings, AO noticed that the assessee has computed LTCG towards compensation received for relinquishment of his right in a property in favour of M/s.Landmark Construction and claimed deduction u/s 54F. AO has called u

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