Capital Gains - section 54F

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Vasudeva Rao (Querist)
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15 July 2024 Sir, An NRI assessee who has sold long term capital assest otherthan Residential House situated in India, is claiming exemption under section 54F. He has one residential house in India and one residential house out-side India, as on the date of transfer of long term capital asset. 54F restricts the benefit only for those having one house property. Because the assessee is having one house property in India he intends to claim the benefit of section 54F and contends that his having one house property out-side India also at the time of transfer of capital asset, though amounts to owning more than one house property, will not come in the way of claiming the benefit of Section 54F. Whether 54F benefit can be claimed by purchasing / constructing one house property in India withing the time allowed, even though he is having one house in India and one house out-side India, with the contension that, he does not own more than one house property in India. Thanks in advance.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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15 July 2024 Allowed by ITAT.... Smt. Maries Joseph v. DCIT - [2023] 148 taxmann.com 97 (Cochin-Trib.)

For details refer:: https://www.taxmann.com/post/blog/54f-relief-available-if-second-house-occupied-by-him-is-in-foreign-country-itat/