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

A man inherited 400 square yards of leasehold land from his late mother in 1997. Towards the end of 1999, he entered into an agreement with a developer to demolish the existing house and construct a new building. Nearly two decades later, in 2018, the man decided to undertake another redevelopment of the property. As part of the 2018 redevelopment agreement, the man received Rs 75 lakh from the builder.