 "Hard to get capital gains benefit for joint houses")
Recently, the Income Tax Appellate Tribunal, Delhi, said that if a taxpayer sells multiple properties to invest in a house, he can get the long-term capital gains tax benefit on all the house he sells. But what happens if an individual sells one house and invest in multiple properties?
The law states that to take the benefit of the long-term capital gains tax, the proceeds of the sale of a property has to be invested in a single house. But in certain cases, the income tax department can dispute what the taxpayer considers as one residential unit. The tax department,
