Capital Gain to be determined as per Share of Parties in Property, Internal Family Arrangement need not be considered: ITAT [Read Order]

Capital Gain - Share of Parties - Property - Internal Family Arrangement - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gains shall be determined according to the respective share of the parties in residential property and not according to any internal family arrangement under the provisions of the Income Tax Act, 1961. The Assessee had filed his income tax return, which was…

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Dr.E.S.Krishnamoorthy vs The Income Tax Officer,Non-Corporate Ward-I(4),Chennai

Counsel for Appellant:   Mr.S.Sridhar

Counsel for Respondent:   Mr.AR.V.Sreenivasan


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