Section 54
Querist : Anonymous
You may refer to the same for your case. However, kindly note -
1. its a tribunal ruling. Thus it is not binding on any other jurisdictional court.
2. Before Prema Shah judgment the earlier courts disallowed exemption in similar cases (refer Smt. Leena J. Shah v. ACIT, 6 SOT 721 (Ahd.). (however this judgment was itself was not too strong)
My personal belief is that allowing for exemption in such cases would lead to absurd result defeating the whole intent of promoting investment in residential assets in the country. So don't be surprised if they amend the act to nullify such judgments.
3. You also need to check how this fits in DTAA. Often it happens in case of Capital gains that both the countries are allowed to tax as per domestic rules. In such a scenario you still end up paying taxes in the country of residence.
Querist : Anonymous
Querist : Anonymous
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