If Booking of Flat to be Constructed in future is treated as ‘Transfer’, Notional Value of the Same shall be allowable as Capital Gain Exemption: ITAT [Read Order]

Transfer - Notional Value - Capital Gain Exemption - ITAT - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that if the booking of a flat which is to be constructed in a future time is treated as “transfer” for the purpose of computing the capital gain, the same shall be allowable as capital gain exemption under section 54 of the Income…

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Mrs. Sanika Avadhoot vs Income Tax Officer

Counsel for Appellant:   Jayant Bhatt

Counsel for Respondent:   B.K. Bagchi


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