Time Limit to Acquire New House for Section 54 Capital Gains Tax Exemption

Mohan Lal Jain Vs ACIT (ITAT Delhi) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Delhi, in the case of Mohan Lal Jain Vs. ACIT, has reiterated the importance of adhering to the provisions of Section 54 of the Income Tax Act, 1961, for taxpayers seeking exemption on capital gains arising from the sale of a residential property. The case revolved around an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], challenging the denial of exemption claimed under Section 54 of the Act. The assessee had declared a Long Term Capital Gain ...