https://www.taxtmi.com/caselaws?id=447024 ITAT Delhi held that property acquired through gift deed constituted a valid gift under Transfer of Property Act, 1882. The appellant received property from father-in-law via General Power of Attorney, which was legally valid and duly registered. AO's denial of LTCG exemption u/s 54 and 54EC was erroneous as gift was legitimate without consideration between related parties. Section 49(1) applied for determining holding period, making property eligible for long-term capital gains treatment. CIT(A)'s allowance of exemption was upheld. Revenue's appeal dismissed. en-us Thu, 14 Dec 2023 00:00:00 +0530 Sat, 16 Dec 2023 09:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447024 ITAT Delhi held that property acquired through gift deed constituted a valid gift under Transfer of Property Act, 1882. The appellant received property from father-in-law via General Power of Attorney, which was legally valid and duly registered. AO's denial of LTCG exemption u/s 54 and 54EC was erroneous as gift was legitimate without consideration between related parties. Section 49(1) applied for determining holding period, making property eligible for long-term capital gains treatment. CIT(A)'s allowance of exemption was upheld. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447024