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HomeDirect TaxFMV of Ownership Flat Received on Surrender of Tenancy Rights to Be...

FMV of Ownership Flat Received on Surrender of Tenancy Rights to Be Treated as Cost of Acquisition for Capital Gains: ITAT

Direct Tax

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By Mariya Paliwala
FMV of Ownership Flat Received on Surrender of Tenancy Rights to Be Treated as Cost of Acquisition for Capital Gains: ITAT

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that where a taxpayer receives an ownership flat in exchange for surrender of tenancy rights, the fair market value (FMV) of the flat on the date of acquisition constitutes the cost of acquisition for computing capital gains on its subsequent sale. The bench…

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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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