CAPITAL GAINS ::

Last updated: 29 November 2007

Court :
HC

Brief :
Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in order to claim the exemption.

Citation :
(1) Mrs. Prema P. Shah (2) Sanjiv P. Shah Vs. I.T.O.

Capital Gain - exemption u/s 54 (1) Mrs. Prema P. Shah (2) Sanjiv P. Shah Vs. I.T.O. 11/29/2005 (2006) 282 ITR (AT) 211 (Mumbai) Case Fact: Whether it is necessary to purchase new residential property in India to utilise the sale proceeds as received on sale of residential property, not acquired in convertible foreign exchange, for claiming exemption u/s 54(1) and whether the new property can be acquired on perpetual lease? Decision: Held by the Ho"ble Bench that section 54 does not prohibit from purchasing property in a foreign country however all other conditions should be satisfied.The Bench also observed that the assessee should be the absolute owner of the new property in order to claim the exemption.

CA.Saibaburao Nanduri

Published in Income Tax
Views : 53

Share Report Abuse

Comments

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

office docs

Arun Borad

MUNISH KUMAR

RISHI LATTA

CA Aakarsh Jain

Subscribe Now

CAPITAL GAINS ::

CA.Saibaburao Nanduri

Trending Online Classes

Meet our CAclubindia PRO Members

Browse by Category

Latest Job Openings

GST CONSULTANT

Manager- Finance and Compliance

CA Final

GST CONSULTANCY

Accountant

Senior Executive

CAPITAL GAINS ::

Other Latest Judgments

Browse by Category