CAPITAL GAIN DEDUCTION
This query is : Resolved
26 December 2010
IF ONE HAS LTCG AND IF LONG TERM GAIN IS SPENT TO BUY RESIDENTIAL PROPOERTY OUTSIDE INDIA (SAY LONDON).... WILL ONE BE ELIGIBLE TO CLAIM SUCH INVESTMENT FOR CAPITAL GAINS DEDUCTIONS??
26 December 2010
For a favourable decision of the Income Tax Tribunal pl refer the case of Ms. Prema P Shah (Citation 282 ITR 211) which says that the exemption offered by Section 54 can indeed be extended to a property purchased in a foreign country.
However a diametrically opposite view can be seen in the case of Ms. Leena J Shah vs Assistant Commissioner of Income-Tax, (2006) 6 SOT 721 (Ahd- Tri), where in it was held that the exemption is not available for purchase of property located abroad.
However a diametrically opposite view can be seen in the case of Ms. Leena J Shah vs Assistant Commissioner of Income-Tax, (2006) 6 SOT 721 (Ahd- Tri), where in it was held that the exemption is not available for purchase of property located abroad.
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29 December 2010
Thanks a lot Sir for your valued inputs and more importantly for your precious time.
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