Depreciated Asset Sale Proceeds Qualify for Home Tax Benefits: ITAT

23 Aug 2024 CW Team

The Income Tax Appellate Tribunal (ITAT) has ruled that proceeds from the sale of depreciated assets, when invested in a residential property, qualify for tax exemption under relevant sections of the Income Tax Act. This decision offers relief to taxpayers, particularly those who dispose of business assets and reinvest the proceeds in housing.

The case pertained to the sale of a depreciated business asset. The seller argued that the sale proceeds should be eligible for capital gains tax exemption when used to purchase a residential property. The tax authorities had initially denied this benefit, citing the depreciated nature of the asset. However, the ITAT overturned this decision, stating that the intent of the law is to encourage reinvestment in homes, irrespective of asset depreciation.

This ruling clarifies the applicability of tax exemptions on reinvestments, benefiting individuals seeking to optimise tax liability while promoting the housing sector. The ITAT?s decision is expected to set a precedent for similar cases in the future.

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