Husband wife duo wins Rs 1.3 crore long term capital gains tax exemption case under Section 54 despite selling two houses to buy a joint property; ITAT Mumbai case

The ITAT Mumbai ruled that a wife is eligible for a Rs 1.3 crore Section 54 LTCG tax exemption on a property sale, even though the new property was jointly purchased with her husband. This decision came after the tax department initially rejected her claim. However ITAT Mumbai said this is subject to the condition that the AO verifies her claim and makes sure there is no double claim.