Woman wins major tax case after selling gifted apartment for Rs 9 crore.

Woman wins major tax case after selling gifted apartment for Rs 9 crore. The ITAT Mumbai ruled in her favor, allowing her to claim Section 54 capital gains tax exemption despite the Income Tax Department's notice. She had received Rs 2.47 crore from the sale but purchased a new residential property jointly with her husband before the sale registration was completed. The key issue centered on timing and registration dates rather than the exemption rule itself. The tribunal accepted her argument that the property purchase predated the sale registration within the allowed timeframe under tax law. This case highlights how proper documentation and understanding of capital gains exemptions can result in significant tax savings. The decision reinforces that taxpayers can successfully challenge departmental notices when facts and legal provisions support their position.