Mr Furia and his wife lived in a 510 square feet flat in a housing society in Chunabhatti, Sion, Mumbai, which he purchased in FY 2006-07. In FY 2012-13, the housing society entered into a redevelopment agreement with a builder, and as a result, Furia received a new flat in the same housing society with 30% more area.
This new flat was given to Furia by the builder after they signed an Agreement for Permanent Alternate Accommodation on January 12, 2018. Just eight days later, on January 20, 2018, Furia sold this redeveloped flat for Rs 1.95 crore, treating the profits from this sale as long term capital gain (LTCG) and claimed the Section 54F LTCG tax exemption.
