Recently, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled if a taxpayer invests capital gains of one house property into an under-construction flat, it should be considered at par with him constructing his own house, rather than a purchase. The ruling brings relief to taxpayers facing project delays, by giving them an additional year. Section 54 of the I-T Act deals with capital gains from a house property.
Neha Malhotra, Executive Director shares her views on aforementioned story for Business Standard.
