Capital gain
This query is : Resolved
Moothedath
(Querist)
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?
Aditya Maheshwari
(Expert)
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.
Message likes :
1 times
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- TDS on Dashcam rent and allied services
- Royalty payments to the Mining Department for procurement of murum - GST input
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
