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ITAT Mumbai Allows Section 54 Exemption on Sale of Inherited Flat as LTCG
Case Law Details
- Case Name
- Rajani Shivaji Ghadge Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Mumbai
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Rajani Shivaji Ghadge Vs ITO (ITAT Mumbai)
Sale of Inherited Flat Treated as Long-Term Capital Asset; Section 54 Exemption Allowed: ITAT Mumbai Grants Full Relief
The Mumbai Bench of the ITAT allowed the assessee’s appeal for AY 2016-17 and granted complete relief on capital gains arising from sale of a residential flat.
The Assessing Officer had taxed the entire consideration of ₹51.48 lakh as short-term capital gains in reassessment proceedings. The CIT(A), after admitting additional evidence and considering the remand report, restricted the taxable amount to ₹10 lakh,...
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