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Maharashtra News

The Times of India

Maharashtra / The Times of India

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ITAT: Redeveloped flat can't be taxable as 'other income'

The Income Tax Appellate Tribunal (ITAT) ruled in favor of a taxpayer who received a Rs 11.7 crore flat for surrendering tenancy rights in a redevelopment project. ITAT held that surrendering tenancy rights constitutes a capital asset transfer, making the taxpayer eligible for Section 54F exemption. The tribunal disallowed taxing the flat's value under 'Income from other sources'.

27 Mar 2026 1:23 pm