https://www.taxtmi.com/caselaws?id=401861 The Tribunal partly allowed the appeals, determining that the sum received from the sale of land was considered a gift from the assessee's children and exempt under Section 56(2) of the Income Tax Act. The sale consideration was to be divided among the four children, with the cost of acquisition adjusted accordingly. The Tribunal directed the Assessing Officer to recalculate the capital gains for each child, taking into account the relevant deductions under Sections 54, 54F, and 54EC. en-us Fri, 11 Dec 2020 00:00:00 +0530 Wed, 16 Dec 2020 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401861 The Tribunal partly allowed the appeals, determining that the sum received from the sale of land was considered a gift from the assessee's children and exempt under Section 56(2) of the Income Tax Act. The sale consideration was to be divided among the four children, with the cost of acquisition adjusted accordingly. The Tribunal directed the Assessing Officer to recalculate the capital gains for each child, taking into account the relevant deductions under Sections 54, 54F, and 54EC. Case-Laws Income Tax Fri, 11 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401861