Capital gains relief rule on flat sales given retro effect
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Capital gains relief rule on flat sales given retro effect
Lubna Kably / TNN / Updated: Jan 17, 2021, 05:20 IST
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MUMBAI: A recent ruling of the Income-Tax Appellate Tribunal (ITAT)’s Mumbai bench has come as a relief to taxpayers embroiled in litigation on capital gains arising out of sale of their flats due to the sale price being lower than the stamp duty valuation.
ITAT has held that the benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and the stamp duty valuation will apply with retrospective effect.