Exemption of capital gain u/s 54

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Gaurav (Querist)
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24 September 2011 Please help regarding the following scenario of my client:

The assessee is a NRI who sold some of his ancestral residential property in India and then invested the amount of capital gain in a property in a foreign country. Now I have a query whether he can claim exemption u/s 54 as the act is silent whether the new property should be in India only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 September 2011 Can claim exemption u/s 54.
Citation :- Mrs. Prema P. Shah And Sanjiv P. ... vs Income-Tax Officer (2006) 282 ITR 211 (Mum).

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