Taxpayer builds new house before selling old property, faces Section 54 dispute; ITAT Delhi quashes tax notice
· livemint.com
A Delhi taxpayer faced denial of Section 54 exemption after constructing a new house before selling his old property for ₹53 lakh. ITAT Delhi quashed the reassessment after ruling that the Income Tax Department’s Section 148 notice was issued after the permissible limitation period.
A taxpayer who constructed a new house before selling his old residential property has won a case against the tax department. In its 3 August 2026 order in Raj ...