Tax Planning that benefit taxpayers not illegal, rules ITAT

Tax Planning that benefit taxpayers not illegal, rules ITAT

The issue of setting off losses from shares against gains from the sale of property rose to prominence recently.

 

However, the Income Tax Appellate Tribunal (ITAT) has held that long-term capital loss (LTCL) from one asset class may be set off against gains from another asset class, and that tax planning that benefits taxpayers is not "illegal".

 

In this Money9 article, Dr. Suresh Surana, Founder, RSMIndia, explains these provisions.

 

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