Business3 hours ago
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Gujarat HC Rules on Income Tax for Property Sales: Key Insights
Gujarat High Court clarifies income tax rules on property sales, impacting taxpayers facing legacy capital gains issues. The court ruled that the Income Tax Department cannot retroactively apply Section 55A to old property valuations, providing essential guidance for taxpayers. This decision is crucial for those involved in disputes over property sales exceeding ₹92 lakh.
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"A win for taxpayers, ensuring fair treatment in property sales!"
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File ID: #306767Original Source: LiveMint Money ↗
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