Sale of Ancestral Property Taxable as Capital Gains not as Income from Other Sources

Milind Anand Karkhanis Vs ITO (ITAT Delhi) The assessee appealed against the order of the CIT(A) for Assessment Year 2012-13 concerning the tax treatment of proceeds received from the sale of ancestral immovable property. The assessee submitted that he had acquired a one-third share in an ancestral property, which was subsequently sold for a total consideration of ₹34.50 lakh. He received one-third of the sale proceeds but did not disclose any capital gains in his return of income. During reassessment proceedings under Section 147, the assessee furnished documents establishing that the prope...