Relief from capital gains tax: taxpayers must calculate reinvestment decisions; officers must expedite assessments on request. Relief from capital gains tax is available when sale proceeds are reinvested in a replacement capital asset within the prescribed period, and the taxpayer must decide on reinvestment based on their calculation of capital gains. Where a taxpayer specifically requests prompt determination of the capital gain, the Board directs the Income tax Officer to prioritise and expedite that assessment so the taxpayer can determine whether to invest sale proceeds within the allowable timeframe.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Relief from capital gains tax: taxpayers must calculate reinvestment decisions; officers must expedite assessments on request.
Relief from capital gains tax is available when sale proceeds are reinvested in a replacement capital asset within the prescribed period, and the taxpayer must decide on reinvestment based on their calculation of capital gains. Where a taxpayer specifically requests prompt determination of the capital gain, the Board directs the Income tax Officer to prioritise and expedite that assessment so the taxpayer can determine whether to invest sale proceeds within the allowable timeframe.
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