Hi
the Assessee being a resident in india during the Assessment Year 2015-2016 sold his house property in USA
and subsequently reinvested the proceeds by buying a Flat in India, will he be eligible for exemption u/s 54 /54F ?
if yes, then is there any case laws
Thanks in advance
Yes
First of all, assessee is resident of India. Any gain on transfer of Capital Asset as defined under the Act, shall be chargeable to tax in India in case of resident assessee irrespective of physical location of capital asset under issue.
Exemption: Exemption will be allowed only and only when investment in specified asset made within a period specified under the section you mentioned above. Further, new asset acquired must be in India.
Refer this case law CIT v. Syed Ali Adil (2013) (A.P.)
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