A Kolkata businesswoman successfully claimed a tax exemption of over Rs 26 crore on long-term capital gains from the sale of shares, after the Income Tax Appellate Tribunal (ITAT) Kolkata ruled in her favour in a dispute with the tax department. The story, now being dissected by finance influencers across Instagram and YouTube, is being held up as a masterclass in legitimate tax planning, not evasion. The case offers a clear, real-world illustration of how Section 54F of the Income Tax Act allows investors to legally offset capital gains tax by reinvesting in residential property.
The Woman, The Shares, And The ₹26 Crore Question
The taxpayer at the centre of this story is Saroj Goenka, linked to the promoter family of Emami, a well-known FMCG giant. She sold a significant block of shares and booked long-term capital gains of close to ₹26.77 crore, the kind of windfall that would normally trigger a tax bill running into several crores. Instead of paying that bill, she used the entire sale proceeds to build a residential bungalow in Kolkata. And when the tax department objected, she fought it, and won.
