Sale Deed Classified as Capital Asset, Qualifies for Long-Term Capital Gain Deduction under Section 54B: ITAT [Read Order]
Sale Deed as a capital asset within the meaning of Section 2(14) of the Income Tax Act and liable for LTCG and the assessee is also eligible to claim deduction under Section 54B of the Income Tax Act, 1961
In a recent decision the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) observed that sale deed classified as capital asset, qualifies for long-term capital gain deduction under Section 54B of Income Tax Act, 1961. The assessee is an individual and Proprietor of Shailja Buildcon engaged in the business of construction. Assessee…
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