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Query regarding section 54 of Income Tax Act,1961.

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(Querist)
21 October 2009 Does capital gain arise if the proceedings from sale of old house used for purchasing a new house out of India under section 54 ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 October 2009 The Mumbai Tribunal judgment in case of Mrs. Prema P Shah vs ITO 282ITR (AT)211 [2006] is significant in this regard. In fact , this order of Tribunal not openly confirmed that, the exemption u/s 54 is allowed even for purchase of residential house outside India , but also stated that in UK , even lease for 150 years can be considered purchase for the purpose of section 54 .
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