Man constructs a house before selling his old property and claims income tax exemption under Section 54; Income Tax Department sends notice; he wins case in ITAT Delhi

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including…

When Mr Kumar from Rajouri Garden, Delhi sold his property in Paschim Vihar for Rs 53 lakh, he did not pay any income tax. Instead he used the long term capital gain (LTCG) from this deal to construc…

Originally published by The Times of India. Read the full article →