08 July 2010
Dear Sir, A person has sold his residential property in India and he purchases a property abroad.I want to know whether he can enjoy the exemption under sec 54 of Income Tax?
08 July 2010
In the case of Mrs. Prema Shah v/s ITO (2006) 100 ITD 60 (TMum), it was held that if an individual invest long term capital gain from transfer of a residential house in construction or purchase of a house property outside India then such an individual is entitled to take benefits of Sec.54 of the Income tax Act.
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