Budget 2023 proposal – insulting for tax payers by use of phrase ‘ anti-tax avoidance’ measure in relation to deduction of interest allowed as a beneficial provisions under S.24 and Chapter VIA.

Budget 2023 proposal – insulting for tax payers by use of phrase ‘ anti-tax avoidance’ measure in relation to deduction of interest allowed as a beneficial provisions under S.24 and Chapter VIA. https://www.taxtmi.com/article/detailed?id=11140 The Budget proposes a proviso excluding from the cost of acquisition or cost of improvement any interest amounts earlier claimed as deductions under the house property interest provision or Chapter VIA, to prevent a second deduction when computing capital gains; the amendment is framed as widening the tax base and an anti-avoidance measure and raises disputes about prospective versus retrospective application and administrative feasibility. en-us Thu, 23 Feb 2023 08:57:12 +0530 Thu, 23 Feb 2023 08:57:12 +0530 TaxTMI RSS Generator Budget 2023 proposal – insulting for tax payers by use of phrase ‘ anti-tax avoidance’ measure in relation to deduction of interest allowed as a beneficial provisions under S.24 and Chapter VIA. https://www.taxtmi.com/article/detailed?id=11140 The Budget proposes a proviso excluding from the cost of acquisition or cost of improvement any interest amounts earlier claimed as deductions under the house property interest provision or Chapter VIA, to prevent a second deduction when computing capital gains; the amendment is framed as widening the tax base and an anti-avoidance measure and raises disputes about prospective versus retrospective application and administrative feasibility. Articles Income Tax Thu, 23 Feb 2023 08:57:12 +0530 https://www.taxtmi.com/article/detailed?id=11140