Taxman denied exemption on 3 floors after Rs 75L builder deal; ITAT grants relief

You give your house for redevelopment to a builder and get money from the builder and some floors. You claim long-term capital gains exemption, but the tax department sends you a notice for what it sees as multiple residential units. What do you do?In one such case, a man in Delhi, received Rs 75 lakh from the builder and faced a tax notice. Let’s understand why and how he managed to win relief with the Income Tax Appellate Tribunal (ITAT) Delhi.What the case is aboutA man inherited 400 square yards of leasehold land from his late mother in 1997. He subsequently initiated the process of converting the land into freehold.