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Sold house, bought Rs 1.10 cr flat with wife; taxman rejects exemption for half amount

A man sold his residential property and invested the proceeds in another flat in Mumbai. The replacement property was jointly registered in his and his wife's names, with the total investment of around Rs 1.10 crore. He claimed exemption on the capital gains under Section 54 of the Income Tax Act.

Sold house, bought Rs 1.10 cr flat with wife; taxman rejects exemption for half amount

We haven't written up this one. Times of India has the full story — the link below goes straight to it.

Read the original at timesofindia.indiatimes.com →

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