Capital Gains Tax Applies to Owner Proven by Registered Sale Deeds: ITAT

The ITAT ruled that capital gains tax applies to the owner of a property as proven by registered sale deeds. In this case, the taxpayer sold a property but was challenged by the authorities over the ownership of the property. The ITAT ruled that the capital gains tax obligation is determined by the registered sale deed and who holds the title to the property. The decision reinforces the importance of proper documentation in property transactions and clarifies that ownership, as evidenced by registered sale deeds, is crucial in determining tax liability. This ruling provides important guidance for property owners and taxpayers dealing with capital gains tax.