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ITAT Ruling: Non-deposit of LTCGs Won't Affect Tax Benefits for New Home Purchase

Friday 15th Dec 2023 153

In a recent development, the Income Tax Appellate Tribunal (ITAT) has ruled that failure to deposit long-term capital gains (LTCG) in a designated account will not result in denial of tax benefits for the purchase of a new home . The decision clarifies a crucial aspect of tax rules and provides relief to taxpayers involved in real estate transactions. The ITAT decision underscores the importance of understanding the complexities of handling LTCG in real estate transactions. Taxpayers can now navigate these regulations with greater clarity and certainty, ensuring compliance without the risk of losing eligible tax benefits.

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