{
  "id": 14384739,
  "title": "No tax for inheriting land and getting Rs 75L",
  "url": "https://urgent.news/2026/10/14/no-tax-for-inheriting-land-and-getting-rs-75l",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-14T06:09:16.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/wealth/tax/man-earns-rs-75-lakh-by-redeveloping-property-inherited-from-mother-pays-no-income-tax-receives-notice-wins-case-in-itat-delhi/articleshow/134933428.cms"
  },
  "original_language": "en",
  "account": "Mr. Jain inherited leasehold land in Delhi in 1997 and converted it into a freehold property. In 1999, he tore down the existing single-storey house and rebuilt it, retaining rights to the basement, ground floor, second floor, and open terrace. In 2018, he sold the first floor to three owners and redeveloped the property, retaining ownership of the basement, ground floor, and third floor. He received Rs 75 lakh for the redevelopment and claimed Section 54 LTCG tax exemption for the basement, ground floor, and third floor. The ITAT Delhi ruled that Jain was not acquiring multiple residential houses and allowed him to claim the tax exemption.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}