Allowing the application AAR held that , Investment in residential house outside India was held eligible for exemption ( Prior to amendment with effect from 1-4-2015 by Finance (No. 2) ACT, 2014).Amendment is not retrospective .As regards the period og holding would be determined from the period from which property was held by the applicant’s father , indexation was to be allowed on 1-04-1981 .
Dipankar Mohan Ghosh, In Re (2018) 401 ITR 129/ 301 CTR 42 /163 DTR 21 (AAR)
S. 54 : Capital gains – Profit on sale of property used for residence – Investment in residential house outside India was held eligible for exemption ( Prior to amendment with effect from 1-4-2015 by Finance (No. 2) ACT, 2014). [ S. 45, 54F ]