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Long term capital gain

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(Querist)
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.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
07 May 2014 should be considered for exemption. as perpetual lease is considered as transfer for income-tax purposes...
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SSOHAN R BAGGMAR

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SSOHAN R BAGGMAR (Querist)
07 May 2014 Can i get quote of relevant section to be referred and also some case laws supporting that.

Regards

Ssohan
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
07 May 2014 refer https://law.incometaxindia.gov.in/dittaxmann/incometaxacts/2009itact/casesec2%2847%29.htm
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