capital gain exemption u/s 54
This query is : Resolved
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 ?
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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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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