Transfer Completes When Owner’s Rights Are Extinguished in Property

Rajamanikam Meerabai Vs ITO (ITAT Chennai) Introduction: This article delves into the recent order by ITAT Chennai concerning the dispute between Rajamanikam Meerabai and the Income Tax Officer (ITO) related to capital gains. The order, arising from an appeal against the Commissioner of Income Tax (Appeals) decision, focuses on the computation of long-term capital gains and the denial of exemption under section 54 of the Income Tax Act for the assessment year 2006-07. Detailed Analysis: 1. Background and AO’s Action: Rajamanikam Meerabai sold a residential house in the financial year 2...