Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

A Delhi man sold unlisted shares for Rs 7.88 crore and bought a house for Rs 5.65 crore. He declared low income but claimed capital gains tax exemption. The Income Tax Appellate Tribunal Delhi ruled in his favour. The tribunal clarified rules on using sale proceeds and owning residential property. This judgement offers relief to taxpayers.

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