Seller of Redeveloped Flat for Rs 1.95 Crore Pays No Tax, Citing Exemption Rules

A property owner sold a redeveloped flat for Rs 1.95 crore and reported that no tax was paid on the transaction. The sale and the absence of tax liability were highlighted in a report by the Economic Times. The case centers on how capital gains rules apply to redeveloped residential property. The article's text was not provided, so the specific reasons for the exemption could not be confirmed.