Mumbai Man Sold Redeveloped Flat for Rs 1.95 Cr, Claimed No Tax
Mr. Furia and his wife lived in a 510 sq ft flat in Chunabhatti, Sion, Mumbai, bought in FY 2006-07. After a redevelopment agreement in FY 2012-13, he received a larger flat in 2018 and sold it for Rs 1.95 crore, claiming long-term capital gains tax exemption under Section 54F. The Income Tax Officer disputed this, treating gains as short-term and denying the exemption.
Economic Times··Mumbai




