The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that tax benefits cannot be denied to taxpayers due to an error made by the builder in assigning the apartment.The bench of Rahul.
Securities Transaction Tax (STT) is imposed on both buyers and sellers in the Indian stock market. Capital loss occurs while selling an asset for less than its purchase price and can be used to offset capital gains. Both short-term and long-term losses can be carried forward for 8 years.
Fulfilling one's financial obligations like registering tax-saving investments and updating returns by the financial year's last day to avoid penalties is a must.
Experts said that societies should ensure there is a clause in the agreement with the builder that the project is completed within three years. A period longer than three years could attract long-term capital gain tax demand by the income tax department.