Capital gain

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Moothedath (Querist)
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08 July 2010 Dear Sir,
A person has sold his residential property in India and he purchases a property abroad.I want to know whether he can enjoy the exemption under sec 54 of Income Tax?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 July 2010 There is no restriction as to the location of the property to be invested u/s 54.

So i think it is allowable.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 July 2010 In the case of Mrs. Prema Shah v/s ITO (2006) 100 ITD 60 (TMum), it was held that if an individual invest long term capital gain from transfer of a residential house in construction or purchase of a house property outside India then such an individual is entitled to take benefits of Sec.54 of the Income tax Act.

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