Sold gifted flat for Rs 9 crore and bought new home with husband, paid no tax; ITAT Mumbai rules in favour of taxpayer

A woman successfully claimed a tax exemption on the sale of a gifted apartment after reinvesting the proceeds into a new home with her husband. Despite the Income Tax Department's notice, the ITAT Mumbai ruled in her favor, accepting her argument that the property purchase predated the sale registration within the allowed timeframe.