J S R P & Associates, Chartered Accountants

It was held by Pune Tribunal in the case of Sanjay Vasant Jumde v. Income-tax Officer (IT) that the new property shall be deemed to have been acquired only when it was ready, full consideration had been paid and possession was received by the assessee and, therefore, date of possession of flat would be the actual date of purchase for claiming exemption under section 54.

Capital Gain Tax Exemption – Date of Purchase or Construction of New Property - Part 1 1. The Capital Gain Tax provisions are covered under sections 45 to 55 of the Income Tax Income-tax Act, 1961. These provisions are complicated & the controversy and resultant litigations on capital gains tax have thrown innumerable decisions. In this Series of Capital Gain Tax Exemption, an attempt...

Govt asks banks to name and shame wilful defaulters Tightening the noose around wilful defaulters, the government has asked banks to 'name and shame' such borrowers by publishing their photographs and other details in newspapers. According to PTI, the finance ministry has written a letter to all