NewzAn income tax appellate authority in India has granted relief to a Mumbai resident who faced tax scrutiny after selling a newly redeveloped apartment just eight days after taking possession. The taxpayer had originally purchased a 510-square-foot flat in a housing society during the 2006-07 financial year and resided there with his wife.
Years later, in the 2012-13 financial year, the housing society entered into a redevelopment agreement with a builder. Following the completion of the project, the builder handed over the redeveloped flat to the owner, who subsequently sold the property for Rs 1.95 crore within little more than a week.
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