Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 367 - ITAT MUMBAIDisallowance of exemption u/s.54 - Profit on sale of property used for residence - scope of amendment - Investment made in Residential house outside India - scope of amendment made u/s.54 - Whether allowably of exemption only in case residential house situated in India is effective from 1.4.2015 i.e. A.Y. 2015-16 and therefore not applicable in the current assessment year? - HELD THAT:- The said amendment is held to be prospective in the case of Leena Jugalkishor Shah(2016 (12) TMI 351 - GUJARAT HIGH COURT) to be held applicable from AY 2015-06 and subsequent assessment years. Presently we are concerned with AY 2014-15 which is prior to aforesaid amendment in Section 54 of the 1961 Act and hence we are of the considered view that the assessee is entitled for deduction u/s. 54 of the Act on the investment made in residential property situated outside India from long term capital gains earned on sale of property situated in India. The appeal of the assessee is allowed.
|