“Transfer of property” completes only after extinguishing rights of owners : ITAT allows capital gain exemption [Read Order]

Transfer of property - extinguishing rights of owners - ITAT - capital gain exemption - taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai bench while allowing capital gain exemption held that transfer of property has completed only after extinguishing the rights of owners. The assessee,  Rajamanikam Meerabai  during the year under consideration i.e., financial year 2005-06 relevant to this assessment year 2006-07, the assessee sold a residential house for a sum…

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