Man sold farm land for Rs 5 crore and buys new land in wife’s name, gets tax notice; Why ITAT Delhi denied tax exemption

A man who sold agricultural land for Rs 5 crore and reinvested the gains into a new plot in his wife's name was denied capital gains tax exemption under Section 54B. The Income Tax Appellate Tribunal (ITAT) Delhi upheld this denial, citing a Punjab and Haryana High Court ruling that disallows deductions when the new land isn't purchased in the assessee's own name.

from Tax-Wealth-Economic Times https://ift.tt/KJwfE1P