LatestIncome Tax 21 October 2026
Woman Seeks Rs 14.7 Lakh Tax Exemption, Officials Refuse
A woman asserted that a flat owned partly by a company and jointly with her husband qualifies for a Rs 14.70 lakh exemption under Section 54F, but the income‑tax department issued a notice alleging she holds numerous properties and imposed a penalty for alleged sales worth Rs 24.62 crore, rejecting her claim.
The taxpayer argued that the property qualifies for Section 54F relief because one unit is company‑owned and the other is co‑owned with her spouse. The tax office, however, cited a broader pattern of property holdings and issued a notice demanding tax on presumed sales of Rs 24.62 crore, attaching a penalty.
- Claimed exemption: Rs 14.70 lakh under Section 54F
- Department response: Notice and penalty for Rs 24.62 crore alleged sales
- Reason for denial: Multiple property ownership, not a single eligible asset
Need help understanding this update?
Connect with our domain experts instantly via WhatsApp for customized legal guidance.