LatestIncome Tax 7 July 2026
Tax Exemption Claim Won
A man sold his property for Rs 48 lakh and constructed a new house but faced a delay, the income tax department denied his section 54 claim, he fought and won the case in ITAT Chennai, to claim exemption the taxpayer must reinvest the capital gains in a new residential house property located in India within the prescribed timelines, the taxpayer must provide proof of the new construction and the amount reinvested to claim the exemption
To claim exemption, the taxpayer must *reinvest the capital gains* in a new residential house property located in India, within the prescribed timelines. The taxpayer must provide proof of the new construction and the amount reinvested to claim the exemption. Key points to note:
- The taxpayer sold his property for Rs 48 lakh
- He constructed a new house but faced a delay
- The income tax department denied his section 54 claim
- He fought and won the case in ITAT Chennai
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