Long term capital gain
This query is : Resolved
07 May 2014
Dear Members
An assessee sells a Residential property and invests the amount in residential property in SEZ on Lease basis.The lease agreement between Lessor and Lessee is Perpetual one. The amount paid as consideration is non-refundable premium.
My query is whether the assessee can get Capital Gain Exemption.
Appreciate your ealy reply on the same.
An assessee sells a Residential property and invests the amount in residential property in SEZ on Lease basis.The lease agreement between Lessor and Lessee is Perpetual one. The amount paid as consideration is non-refundable premium.
My query is whether the assessee can get Capital Gain Exemption.
Appreciate your ealy reply on the same.
07 May 2014
should be considered for exemption. as perpetual lease is considered as transfer for income-tax purposes...
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07 May 2014
Can i get quote of relevant section to be referred and also some case laws supporting that.
Regards
Ssohan
Regards
Ssohan
07 May 2014
refer http://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2009itact/casesec2%2847%29.htm
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