Section 54 Exemption allowed on house purchased Abroad before 01.04.2015

Principal CIT Vs. Dipankar Mohan Ghosh (Delhi High Court) The issue under consideration is whether the exemption u/s 54 will be allowed if the reinvestment is made in residential property outside India? High Court states that, the Circular No. 01/2015 containing explanatory notes to the provisions of the Finance (No. 2) Act, 2014 whereby Section 54 of the Act was amended to specifically include the word “in India” in respect of the residential house acquired out of the long term capital gain earned by the assessee. The said explanatory note in terms provides that the said amendment would t...