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2020 (2) TMI 246 - AT - Income TaxDeduction u/s. 54/54F - deduction u/s. 54/54F when purchased the house outside India - assessee claimed deduction on the capital gain on sale of the property as he invested the capital gain in purchase of a residential house in Texas on 12.7.2013 - whether the assessee would be entitled to ? - HELD THAT:- We find that in the decision rendered in the case of Jai Kumar Gupta HUF [2019 (3) TMI 466 - ITAT MUMBAI] on identical facts the assessee had made a claim for deduction u/s. 54 of the Act instead of 54F of the Act. The Tribunal held that the assessee’s claim for deduction u/s. 54F should be examined. In the case of Arshia Basith [2018 (8) TMI 1359 - ITAT BANGALORE] the Bangalore Bench of the Tribunal held that assessee would be entitled to deduction u/s. 54F of the Act even in respect of property purchased which is located outside India. In the case of assessee the deduction claimed should be examined in the parameters of section 54F of the Act in the light of decision cited before us. The AO is directed to apply the ratio laid down in the aforesaid decision and allow the claim of deduction of assessee in accordance with the law, after affording assessee opportunity of being heard. Appeal of assessee is treated as allowed for statistical purposes.
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