The Mumbai ITAT ruled that a genuine property purchase from a spouse cannot be denied Section 54F tax exemption merely because it results in tax savings. The tribunal found no evidence of tax avoidance and allowed a taxpayer's ₹6.92 crore exemption claim after the tax department challenged it.
Does Section 54F tax exemption apply if LTCG is used to buy property from spouse? Here’s what the ITAT ruling says
The Mumbai ITAT ruled that a genuine property purchase from a spouse cannot be denied Section 54F tax exemption merely because it results in tax savings. T…
Lok Darpan
