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 upon the assessee to explain the said transaction. In response, the assessee submitted that he had entered into MOU with M/s. Landmark Construction, a proprieta...