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A couple saved tax on ₹ 4,00,00,000 of their income.

How?
Check out the reel to know!

Here are a few extra points to understand this case better:
1. The couple were also directors in a company, so the AO argued that the money was just being rotated between them and the firm.
2. The officer argued that Section 54 exemption should not apply if the new property is purchased from your spouse.

You must be thinking, but the husband still paid the tax, right?

1. He paid tax on the gain, but at a lower value than a full market sale as he could have paid an amount for the flat which is just around the stamp duty value.
2. Most importantly, his wife saved a much bigger amount by claiming Section 54 exemption on the ₹6 crore sale she had made earlier.

So, in all as a couple they saved taxes in the whole arragement

The ITAT ruled in her favor and said:
Section 54 does not stop you from buying from your spouse or relatives, as long as the deal is genuine, documents, payments, and timelines are clear, the exemption is valid.