HUF Member’s Property Purchase Entitles Capital Gain Exemption u/s 54 of Income Tax Act : ITAT quashes Reassessment Proceedings [Read Order]

ITAT - ITAT Ahmedabad - Income Tax - HUF - TAXSCAN

The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) while quashing the reassessment proceedings held that Hindu Undivided Family ( HUF ) member’s property purchase entitled capital gain exemption under Section 54 of the Income Tax Act, 1961. The Assessee Mandar Kulkarni is a member of HUF. During the assessment proceedings AO observed that the…

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