Re:Capital Gains u/s 54
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2010
If a Resident and Ordinarily Resident of India sold his residential house in India and purchased another residential house in USA , can he claim exemption u/sec 54? He has satisfied all the conditions of sec 54.
CA Puneet Jethliya
(Expert)
10 February 2010
yes, he can claim.
10 February 2010
The Mumbai Tribunal decided in the case of Mrs. Prema P Shah vs ITO 282 ITR (AT) 211 [2006] that property can be outside India to claim section 54. Outlined below are the facts of the case:-
Assessee an NRI, who sold her house purchased in 1983 for Rs 6 million in 1992. She bought another property in London on 150 years lease, and claimed exemption u/s 54 of the IT Act,1961. Tribunal allowed her claim.
Assessee an NRI, who sold her house purchased in 1983 for Rs 6 million in 1992. She bought another property in London on 150 years lease, and claimed exemption u/s 54 of the IT Act,1961. Tribunal allowed her claim.
CA Ravi Sisodia
(Expert)
10 February 2010
Agreed...
CA Ravi Sisodia
(Expert)
10 February 2010
Agreed...
CMA Arif Farooqui
(Expert)
15 February 2010
agree with experts
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