Applicability of Exemption u/s 54

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..... Applicability of Exemption u/s 54
Query (Issue) Started By: - DINESH MITTAL Dated:- 14-12-2009 Last Reply Date:- 31-12-2009 Income Tax
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Income Tax
'A' sold house in India and .....

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..... purchase a new house within stipulated period in Canada, whether he is legible for exemption u/s 54. of the Income Tax Act, 1961 Reply By Dinesh Gupta: The Reply: There is no restriction in section .....

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..... 54 of the Income Tax Act, which restrict the investment of capital gain within stipulated period in a house property situated out of India. Therefore you can buy a house in Canada and claim the exempt .....

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..... ion. Reply By sunil gupta: The Reply: Dear friend you can refer to 282 ITR (AT)211 , Mumbai - wHERE IT HAS BEEN HELD SEC.54 DOES NOT PROHIBIT PURCHASE OF PROP. IN A FOREIGN COUNTRY.
Discussion Fo .....

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..... rum - Knowledge Sharing .....

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