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The Indian Income Tax Act provides for exemptions on long-term capital gains tax if the proceeds from the sale of a residential property are invested in a new residential property within a certain time period. However, in some cases, taxpayers try to take advantage of these provisions through faulty tax planning, which can lead to the denial of exemptions. One such case is that of Ramalingam Nagarajan v. ITO. In this blog, we will analyze this case and understand the reasons behind the denial of exemption under Section 54 of the Income Tax Act.
It is essential for professionals to advise their clients to comply with the provisions of the law to ensure that the benefits ensure to the assessee-client. The use of case laws should be limited to serving as shields and not swords. It is also vital to bear in mind that there can be no straitjacket formula for any given situation, and factual differences may alter the readymade answer situation. Before applying case laws, it is crucial to analyse the facts in the given situation and consider any changes in the law, judicial thinking, or assessment year. By following these basic principles, professionals can ensure that they provide their clients with accurate and reliable advice.
Also Read: Section 54 of Income Tax Act – Capital Gains Exemption
Kiran is a multi-talented individual currently pursuing her final year of BBALLB at Chandigarh University. In addition to her studies, Kiran is also a dedicated legal content writer and researcher. She has a keen interest in the legal writing and is committed to using her knowledge and skills to produce informative and insightful content.
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