Query regarding section 54 of Income Tax Act,1961.
This query is : Resolved
21 October 2009
Does capital gain arise if the proceedings from sale of old house used for purchasing a new house out of India under section 54 ?
21 October 2009
The Mumbai Tribunal judgment in case of Mrs. Prema P Shah vs ITO 282ITR (AT)211 [2006] is significant in this regard. In fact , this order of Tribunal not openly confirmed that, the exemption u/s 54 is allowed even for purchase of residential house outside India , but also stated that in UK , even lease for 150 years can be considered purchase for the purpose of section 54 .
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