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HomeDirect TaxDate of Possession—Not Registration—Relevant for Capital Gains Relief: ITAT

Date of Possession—Not Registration—Relevant for Capital Gains Relief: ITAT

Direct Tax

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By Mariya Paliwala
ITAT

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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has ruled in favour of the assessee by allowing exemption under Section 54 of the Income Tax Act, holding that the date of possession of a property—not the date of registration—should be considered for claiming capital gains exemption. The bench of Pawan Singh (Judicial Member) has observed…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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