https://www.taxtmi.com/caselaws?id=458746 ITAT Mumbai held that when assessee surrendered old flat in redevelopment scheme and received compensation plus new flat, the transaction constituted capital gains. The value of new flat and compensation received was treated as sale consideration for old flat. Assessee was entitled to deduct indexed cost of acquisition and improvement from old flat. Since new flat was obtained through transfer of old flat, assessee qualified for deduction under section 54. Matter was remanded to assessing officer to recompute capital gains accordingly. Assessee's appeal was allowed. en-us Fri, 10 Oct 2014 00:00:00 +0530 Thu, 14 Nov 2024 19:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458746 ITAT Mumbai held that when assessee surrendered old flat in redevelopment scheme and received compensation plus new flat, the transaction constituted capital gains. The value of new flat and compensation received was treated as sale consideration for old flat. Assessee was entitled to deduct indexed cost of acquisition and improvement from old flat. Since new flat was obtained through transfer of old flat, assessee qualified for deduction under section 54. Matter was remanded to assessing officer to recompute capital gains accordingly. Assessee's appeal was allowed. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458746