Flat redeveloped and sold for Rs 1.95 crore in 8 days; taxman denies LTCG, ITAT grants relief

The man had purchased a 510-square-foot flat in a housing society in Mumbai, during FY 2006-07, where he lived with his wife. Many years later, in FY 2012-13, the housing society entered into a redevelopment agreement with a builder. The builder handed over the redeveloped flat to the man after the two parties entered into an Agreement for Permanent Alternate Accommodation in 2018.