https://www.taxtmi.com/caselaws?id=770595 ITAT Mumbai held that gains from surrender of LIC ULIP policy are taxable under "Capital Gains" rather than "Income from Other Sources" since ULIP qualifies as capital asset under section 2(14). The tribunal relied on precedent in Mihir K Jhaveri case. Additionally, ITAT allowed section 54 exemption where assessee sold two residential properties and invested capital gains in one residential flat, following Ranjit Vithaldas precedent that no restriction exists on investing gains from multiple property sales into single property. Assessee's appeal allowed on both grounds. en-us Wed, 30 Apr 2025 00:00:00 +0530 Wed, 14 May 2025 07:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770595 ITAT Mumbai held that gains from surrender of LIC ULIP policy are taxable under "Capital Gains" rather than "Income from Other Sources" since ULIP qualifies as capital asset under section 2(14). The tribunal relied on precedent in Mihir K Jhaveri case. Additionally, ITAT allowed section 54 exemption where assessee sold two residential properties and invested capital gains in one residential flat, following Ranjit Vithaldas precedent that no restriction exists on investing gains from multiple property sales into single property. Assessee's appeal allowed on both grounds. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770595