Man sells ancestral land for Rs 8 cr, claims LTCG exemption; gets notice with Rs 6.36 cr additions

In the tax return that he filed, the man declared LTCG of Rs 7.73 crore after accounting for certain expenses. He claimed tax exemptions of Rs 2.64 crore under Section 54F, which relates to residential property, and Section 54B, applicable to agricultural property. However, the Assessing Officer (A…