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Archive: 29 January 2005

Posts in 29 January 2005

Section 54 benefit on Assets Purchased in foreign country or leased for 150 Years

January 29, 2005 2495 Views 3 comments Print

The assessee filed the return showing the taxable income of Rs. 33,570 on December 31, 1993. During the previous year relevant to the assessment year 1993-94, the assessee sold residential property for Rs. 60. lakhs. It was jointly owned by the assessee and Mrs. Prema P. Shah. It was purchased for Rs. 14.00 lakhs on March 29, 1983, and sold on April 4, 1992, for the aforementioned price.

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