Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

No denial of sec. 54 relief just because construction wasn't completed in 3 years

Where capital gains from sale of property are appropriated in new property within period of 3 years, exemption under section 54 was to be granted; condition of completion of construction within 3 years was not mandatory

Refer: [2017] 82 taxmann.com 284 (Chennai - Trib.)

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