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Sold house for ₹1.10 crore, tax computed on ₹1.96 crore? ITAT explains when Section 54 relief is still available

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  1. Pune ITAT ruled that Section 50C and Section 54 operate independently.

  2. Section 50C allows tax department to use stamp duty value (₹1.962 crore) instead of sale price (₹1.10 crore) for capital gains computation.

  3. Section 54 exemption is still available if taxpayer reinvests gains in another residential house and fulfills prescribed conditions.

  4. Taxpayer Himanshu Jain sold Ghaziabad property for ₹1.10 crore (stamp duty ₹1.962 crore) and bought Pune flat for ₹1.92 crore.

  5. ITAT upheld Section 50C application but did not automatically deny Section 54 relief.

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1d ago · original ↗

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