Capital gain
This query is : Resolved
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?
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?
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.
So i think it is allowable.
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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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