Capital gains exemption

Sachin Chokshi (Partner) (34 Points)

07 October 2013  

Hello Friends,

One of my clients is now a UK resident since last 6-7 years and he had a property in India which was bought in 2006 and has sold it recently. They plan to take the sale proceeds to UK after paying the taxes in India. They plan to buy a property in UK using these sale proceeds and the house in the UK will be their only house. My question is whether they can claim exemption from Capital Gains in India if they buy the property outside India i.e in the UK?

Any guidance will be appreciated.

 

Thanks

Sachin