Section 54 Capital Gains Relief Allowed in Cathedral Road Property Dispute with Tax Department: Madras High Court

The Madras High Court has ruled in favor of senior advocate C. Aryama Sundaram, holding that he was entitled to capital gains exemption under Section 54 of the Income Tax Act despite the demolition of the original house years before the sale. The dispute arose from the sale of undivided shares in a residential property located at Cathedral Road, Chennai, which had been redeveloped under a Joint Development Agreement (JDA)…