The Economic Times

Bought DLF Camellias flat with Rs 9.82 crore discount, faced tax notice; ITAT gives relief

The Income Tax Tribunal ruled that property purchase discounts are not taxable as income. A homebuyer received a Rs 9.82 crore discount on a Rs 32.95 crore flat, which the IT department tried to tax. The tribunal also allowed a Rs 9.65 crore capital gains exemption, reversing the lower authority's decision.