When Mr. Bansal from Badarpur Khadar, Delhi who had sold unlisted shares for Rs 7.88 crore, realising a capital gain of Rs 7.59 crore, and subsequently invested Rs 5.65 crore in a Delhi residential property and claimed Section 54F tax exemption, he got into trouble with the Income Tax Department.
The tax authorities had denied the Section 54F LTCG tax exemption, citing reasons such as the investment not being made within the ITR filing due date, failure to deposit unutilised funds in the Capital Gains Account Scheme (CGAS), and alleged ownership of multiple residential properties.
