Wife pays no income tax after selling two houses for Rs 6 crore gifted by her husband, wins case in ITAT Mumbai; here’s how it happened

A Mumbai woman sold two flats gifted by her husband for Rs six crore. She did not pay income tax on the sale as she claimed Section 54 Long Term Capital Gains (LTCG) exemption. The Income Tax Appellate Tribunal (ITAT) Mumbai ruled in her favor. The flats were originally bought by her husband for Rupees fifty-one lakh. She reinvested the sale money in another property owned by her husband.