Section 54F of Income Tax (I-T) Act allows taxpayers to claim exemption of capital gains tax by buying residential property from the proceeds of jewellery sale
Finding that the assessee has not fulfilled either of the conditions mentioned in Section 54 of the Income tax Act, the New Delhi ITAT held that there is no infirmity in the orders of the I-T .
The law offers a once-in-a-lifetime opportunity to claim an exemption under section 54 for buying two residential houses provided the taxable long-term capital gains on the sale of the residential house do not exceed Rs 2 crore
The Kolkata ITAT confirmed the CIT(A) s order upholding disallowance of claim of long-term capital gain exemption u/s 10(38) of Income tax Act, 1961 by stating that genuineness of the company is not.