| Question And Answer | |
|---|---|
| Subject: | Whether long term capital gains invested in a house outside India is eligible to claim exemption (S. 54, 54F) ? |
| Category: | Income-Tax |
| Querist: | S PRAKASH |
| Answered by: | Research Team |
| Tags: | Capital Gains, purchase of house outside India |
| Date: | June 18, 2021 |
IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?
Section 54 and Section 54 F is amended with effect from 1.4 .2015 as per the provision the exemption is available only for constructed one residential house in India . Accordingly the Querist is not eligible to claim exemption . Before 1-4-2015 the assessee was eligible exemption in ITO v. Nishant Lalit Jadhav (Mum )(Trib.),www.itatonline.org the Tribunal held that; there is no requirement that the investment in the new residential house should be situated in India prior to the amendment by the Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015. (ITA no. 6883/Mum/2014, dt. 26.04.2017) (AY.2011-12)
sir,
thank you very much for the answer.
y/f
s prakash
Is there compulsary for the gain of long term capital compulsaryly requirement that the investment in the new residential house.
What will happen if LTCG is fully to be taken to encash.
Booking of apartment by individual with the builder during its project construction period is that any rule to say that the registraion is necessary for full value of apartment including its construction cost where there is no provision in registration act to register property for full value including construction cost
What’s the difference between the two of the following
A) registeration of apartment which is newly constructed on the UDS land portion. Here construction cost incurred as agreed with the builder
B) registration of resold apartment which was bought out by buying from original owner.