20 May 2013
Mr. X, a Non Resident has sold a resi. property(A) in FY 2012-13 and earned Capital Gain of Rs.70 Lacs. Mr X already owns another resi. property(B) in India. Mr X wants to invest his capital gain amount in order to claim exemption. No the query is:
1. Is exemption u/s 54 is applicable to a Non Resident? 2. If Yes for 1. , then can he claim exemption if he invests the gain in another resi. property(C) when he already owns another resi. Property (B)? 3. If yes for 2. Then can he buy a property abroad and claim exemption?
21 May 2013
Now since the due date is arriving, can Mr X deposit the money in Capital Gains Account Scheme a/c. How can he utilize the same in foreign country if the bank doesn't have any branch over there?