LTCG - Exemption u/s 54 and 54EC - The property was received by ...

Gifted Property Holding Period Affects Tax Exemptions; Previous Owner's Tenure Matters for Section 54 and 54EC Eligibility.

December 16, 2023

Case Laws Income Tax AT

LTCG - Exemption u/s 54 and 54EC - The property was received by the appellant as a 'gift'. The provision of subsection (1) of Section 49 of the Act is squarely applicable. Consequentially, the period of holding of the previous owner, as specified in clause (42A) of Section (2) of the Act will also apply. Accordingly, the exemption u/s 54 and 54EC of the Act cannot be denied to the appellant. - AT

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LTCG - Exemption u/s 54 and 54EC - The property was received by ...

Gifted Property Holding Period Affects Tax Exemptions; Previous Owner's Tenure Matters for Section 54 and 54EC Eligibility.

December 16, 2023

Case Laws Income Tax AT

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