Exemption of capital gain u/s 54
This query is : Resolved
24 September 2011
Please help regarding the following scenario of my client:
The assessee is a NRI who sold some of his ancestral residential property in India and then invested the amount of capital gain in a property in a foreign country. Now I have a query whether he can claim exemption u/s 54 as the act is silent whether the new property should be in India only.
The assessee is a NRI who sold some of his ancestral residential property in India and then invested the amount of capital gain in a property in a foreign country. Now I have a query whether he can claim exemption u/s 54 as the act is silent whether the new property should be in India only.
24 September 2011
Can claim exemption u/s 54.
Citation :- Mrs. Prema P. Shah And Sanjiv P. ... vs Income-Tax Officer (2006) 282 ITR 211 (Mum).
Citation :- Mrs. Prema P. Shah And Sanjiv P. ... vs Income-Tax Officer (2006) 282 ITR 211 (Mum).
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