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Tuesday 24 November 2020

Mumbai: Sold 2 flats to buy one? Can avail of tax benefit

MUMBAI: The Mumbai bench of the Income Tax Appellate Tribunal  (ITAT), in its recent order, has clarified that when a taxpayer sells two residential properties and re-invests in one residential house, he or she is entitled to tax benefit under section 54. 

This ruling will be very helpful to several individuals. With work from home here to stay for longer than initially anticipated, several families are in search of larger flats. Investment professionals explain that several salaried employees had invested in a second house. Many are now selling the flat in which they currently reside and their second house, to finance a larger apartment. read more...

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