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HomeDirect TaxBuying a New House in Time Is Enough, Exemption Can’t Be Denied...

Buying a New House in Time Is Enough, Exemption Can’t Be Denied for Mere Non-Deposit in Capital Gains Account: ITAT

Direct Tax

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By Mariya Paliwala
Buying a New House in Time Is Enough, Exemption Can’t Be Denied for Mere Non-Deposit in Capital Gains Account: ITAT

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The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that deduction under Section 54 of the Income Tax Act, 1961 cannot be denied merely because the assessee failed to deposit the unutilised capital gains in the Capital Gains Account Scheme (CGAS), when the investment in a new residential house was completed within…

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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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