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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]

By Rasheela Basheer - On May 14, 2022 2:22 pm

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…

Mrs. Sanika Avadhoot vs Income Tax Officer

Counsel for Appellant:   Jayant Bhatt

Counsel for Respondent:   B.K. Bagchi

CITATION:   2022 TAXSCAN (ITAT) 473