Exemption under section 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 June 2012
Dear colleagues and experts,
My friend is Non Resident and he owns a residential house in India. He wants to sell that and repatriate the amount to USA (where he currently stays). Will the benefit under section 54 be available to him if he invests the capital gains amount to buy a residential property in USA?
If no, he has to pay tax tax on long term capital gain @ 20%. Am I correct?
Please help.
My friend is Non Resident and he owns a residential house in India. He wants to sell that and repatriate the amount to USA (where he currently stays). Will the benefit under section 54 be available to him if he invests the capital gains amount to buy a residential property in USA?
If no, he has to pay tax tax on long term capital gain @ 20%. Am I correct?
Please help.
28 June 2012
Exepmtion u/s 54 is available if the assessee purchases or constructs a RESIDENTIAL HOUSE.
There is no condition u/s 54 as to the location of such residential house.
In my opinion, the exemption will be available even if the house is situated in USA.
There is no condition u/s 54 as to the location of such residential house.
In my opinion, the exemption will be available even if the house is situated in USA.
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