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ITAT, Mumbai: Claim Of Deduction to be Reckoned From Date of Possession of New Property - (11 Mar 2022)

DIRECT TAXATION

Income Tax Appellate Tribunal, Mumbai has ruled that an assessee's claim of deduction under Section 54 of the Income Tax Act, 1961 was to be reckoned from the date of possession of the new residential house property. The Tribunal has further ruled that the source of funds for the purchase of the new house property under Section 54 is irrelevant.

Tags : INCOME TAX APPELLATE TRIBUNAL   POSSESSION OF NEW PROPERTY  

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