Does the spouse’s reinvestment of LTCG qualify for the capital gains exemption?
The Income Tax Appellate Tribunal (ITAT) ruled in January 2020 that reinvesting the entirety of long-term capital gains (LTCG) inside a partner’s call qualifies for exemption under the capital profits exemption rules. The decision was reached after an applicant’s claim was turned down by the evaluating officer. The sale earnings of an asset held for more than years must be invested in residential property per the regulations about exemptions below the reinvestment of LTCG.… Read more