capital gain exemption u/s 54

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prakash (Querist)
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10 January 2011 Sale of a Residential House Proeprty By NRI in India and purchase one house property outside india in eligible fo exemption u/s 54 ?

Bhaskaran Chackrapani Warrier (Expert)
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10 January 2011 Yes. Case of Ms. Prema P Shah Vs.ITO (2006)282 ITR (AT)211 (Mum) can be relied upon.

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Vivek Raju P (Expert)
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10 January 2011 I dont think 54 mandates that the residential house has to be purchased in india only. Hence has to be allowed

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