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Bombay HC orders tighter norms on gains from property sale

The Income-Tax (I-T) Act provides for exemption from long-term capital gains where the sale proceeds of the original asset are invested in a new residential property. The Bombay high court, in a recent order (Humayun Suleman Merchant vs. CCIT), has held that such an exemption will be available only to the extent to which the amount has been actually utilized by the taxpayer, before the due date of filing his I-T return.

 Article referred: http://timesofindia.indiatimes.com/city/mumbai/HC-orders-tighter-norms-on-gains-from-property-sale/articleshow/54336500.cms

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