The sale price of inherited jewellery cannot be taxed as other source income and it’s the long-term capital asset of the assessee inherited from her mother in-law
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has allowed the deduction after the Assessing Officer denied granting Section 54F of the Income Tax Act, 1961, deduction for long-term capital gains from the sale of inherited jewellery. The assessee has claimed capital gains of Rs.6,29,20,349/- arising out of sale of jewellery…
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