‘Amit Shah must resign’: Sonam Wangchuk on Ladakh violence, one year on
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Mumbai woman's Rs 7.5 crore property purchase from share gains draws tax scrutiny
A Mumbai woman sold unlisted shares and declared long-term capital gains of Rs 8.31 crore. In June 2021, she invested Rs 6.91 crore in a residential property on Juhu Tara Road to claim tax exemption under Section 54F. However, tax authorities raised concerns after discovering the property was registered in her husband's name. The Income Tax department issued a notice questioning the validity of her exemption claim, since the purchased asset was not in her own name. The case highlights the importance of ensuring property ownership aligns with the taxpayer's name when claiming capital gains exemptions.
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