Capital Gain Exemption Allowable on Construction of Residential House Completed Within 3 Years: ITAT [Read Order]

Capital gain - Exemption - Allowable - Construction - Residential house - ITAT - Capital Gain Exemption Allowable on Construction of Residential House - Capital Gain Exemption - Taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and the penalty levied under Section 271(1)(c) of the Income Tax Act was deleted. The assessee Hemant…

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