Sec 54 exemption allowable on property purchased outside India prior to amendment in 2015

I.T.O. Vs Shri Mahesh Gobind Dalamal (ITAT Mumbai)

Conclusion: Exemption under Section 54 was available to assessee for properties purchased in foreign countries as there was no condition in the provision that the property must be purchased in India prior to amendment in the provision in 2015.

Held:

AO noticed that the sale consideration received on sale of the immovable property in India was utilized by assessee to pur

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