π Spouse property buy gets ITAT nod
A woman used Rs 8.31 crore from LTCG to buy her husband's Mumbai property for Rs 7.5 crore and claimed Section 54F exemption. The Income Tax Department challenged this, calling it tax avoidance since the property was held by her husband's proprietorship. The department denied the exemption, arguing the transactions were connected for tax reduction purposes. However, the ITAT Mumbai ruled in her favour on July 17, 2026, finding no evidence of a fake transaction. The tribunal confirmed there is no statutory bar on purchasing property from a spouse while claiming the exemption. π