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

CA Ravindra (Chartered Accountant) (93 Points)

19 January 2016  

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?