Income Tax 4 October 2026
Son Sells Land, Beats Tax Notice
An Indian taxpayer sold his ancestral property for Rs 8 crore, reported a long‑term capital gain of Rs 7.73 crore and claimed a Rs 2.64 crore exemption under prevailing tax rules. The income tax department issued a notice, but the ITAT in Chandigarh upheld his claim, confirming the exemption eligibility.
Key facts
- Sold ancestral land for Rs 8 crore.
- Reported long‑term capital gain of Rs 7.73 crore and claimed Rs 2.64 crore exemption under tax provisions.
- Income Tax Department issued a notice questioning the exemption.
- ITAT Chandigarh dismissed the notice, confirming the exemption was valid.
For full details, see the original article.
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