Applicability of tax u/s. 54 if foreign property is purchase

Tax queries 221 views 1 replies
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Chartered Accountant
93 Points Joined January 2009

Person has Sale the Residential Flat Situated in India and Buy the new Residential House Situated Outside India. Whether Benefit of Long Term Capital Gain U/s. 54 will available.

Kindly suggest applicability of Taxe under scenrio

Flat Sold for Rs. 1,00,00,000/- on 12.12.2015

Purchase same Flat on 18.10.2014 for 20,00,000/-

 

New Flat Purchased out of India on 16.01.2016

Whether Long Term Capital Gain can be availed?

 

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On 19 January 2016 at 14:47 Report
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CMA
13117 Points Joined May 2009

Exemption u/s 54 will be available only when residential house property is acquired WITHIN India.

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On 19 January 2016 at 16:07

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