Question 1:-
Suppose an assesse has sold out a residential property (long term asset) and invested the full amount of long term capital gain u/s 54 i.e. for purchasing the new residential property.
However, the exemption under section 54 is available in respect of rollover of capital gains arising on transfer of residential house into another residential house. However, to keep a check on misutilisation of this benefit, a restriction is inserted in section 54. The restriction is in the form of prohibition of sale of the new house.
If a taxpayer purchases/constructs a house and claims exemption under section 54 and then transfers the new house within a period of 3 years from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.
Suppose the assesse has sold out the new residential property within a period of 3 years from the date of its acquisition which was purchased u/s 54 within a period of 3 years from the date of its acquisition to save the long term capital gain tax on transfer of long term capital asset.
So as per section 54 of the income tax act the tax benefit granted u/s 54 will be withdrawn, but what if the assesse does not harm the main objective of inserting the restriction u/s 54 i.e. the misutilisation of this benefit and reinvest the sale proceeds or gain arising from the sale of new residential property purchased u/s 54 for purchasing another new residential property. Whether than also the benefit granted u/s 54 will be withdrawn?

Question 2:-
If answer to the above question is yes i.e. the benefit u/s 54 will be withdrawn than whether their is any other way by which the capital gain arising from the sale of new residential property purchased u/s 54 and sold within a period of 3 years from the date of its acquisition can be saved from tax implications?

Regards,
Shruti Agarwal

A INDIAN COMPANY HAS RENTED A OFFICE PLACE ABROAD IN KENYA , THE RENT IS TO BE REMITTED FROM ACCOUNT IN INDIA , FORM 15CB IS REQUIRED FOR THE REMITTANCE . THE HOUSEOWNER WANTS THE REMITTANCE TO BE MADE TO HIS ACCOUNT IN FRANCE , INDIA HAS DTAA WITH BOTH COUNTRIES

QUERY
1 TDS LIABILITY ON THE RENT TO BE REMITTED
2 CAN WE REMIT TO FRANCE AS THE PROPERTY IS SITUATED IN KENYA
3 WHICH DTAA NEEDS TO BE STUDIED FOR ISSUE OF FROM 15CB

MY INTERPRETATIONS
NO TDS WOULD BE APPLICABLE SINCE THE INCOME ACCRUES OUTSIDE AS THE PROPERTY SITUATED OUTSIDE INDIA
ALSO WE CAN REMIT TO FRANCE ONLY IF THE HOUSEOWNER IS TAX RESIDENT OF FRANCE

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