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2012 (12) TMI 334 - AT - Income TaxExemption u/s 54F – Capital Gain - Whether assessee was eligible for claiming exemption u/s 54F on purchase of residential premises outside India against the capital gains earned from sale of residential house in India - Assessee is a citizen and resident of USA – Held that:- The words 'Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house' occurring in section 54F means 'investment in residential house in India' and not 'residential house anywhere else in the world'. As stated earlier the words 'in India' may not occur in the relevant provisions, but sub section 3 refers to imposition of capital gains tax, if the asset is transferred within a period of three years and such contemplated transfer can be of a house existing in India. - In favour of revenue The case of Leena J Shah (2005 (11) TMI 386 - ITAT AHMEDABAD), and not that of Prema P. Shah (2005 (11) TMI 182 - ITAT BOMBAY-J), should be followed for deciding the issue related to Section 54F.
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