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Section 54

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2012 one of the assessee is citizen of india and resident of india.
now he sold property situated in india on his name.
then he invested the said amount in purchase of new property outside india. now does he get benefit of section 54 ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2012 Yes he is eligible for exemption.
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srinath

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srinath (Expert)
08 August 2012 if both the properties are residential properties, he can claim exemption u/s 54
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
08 August 2012 Will get the benefit of section 54. Citation :- Prema P. Shah Vs. ITO 100 ITD 60 (Mum.)

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