Man sells ancestral agricultural land for Rs 8 crore, buys two properties and claims LTCG exemption; faces Rs 6.36 crore tax additions, why ITAT Chandigarh gave relief under Sections 54B and 54F
The ITAT Chandigarh eventually ruled substantially in the man’s favour on both questions. (Image for representative purpose only) When selling assets and claiming long-term capital gains, it is important to understand if you are eligible and under what conditions can you claim LTCG.A man sold his family’s ancestral agricultural land and claimed long-term capital gains…