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2018 (1) TMI 947

Head Note:
Deduction u/s 54 eligibility - investment outside India - Applicant, being a resident of UK, having sold his share of residential property in New Delhi to the extent of reinvestment in acquiring a residential property abroad i.e. in U.K. - prior to the prospective amendment made w.e.f 01.04.2015 by the Finance Act, 2014. - Held that:- We respectfully follow the decision of the Gujarat High Court in Leena Jugalkishore Shah [2016 (12) TMI 351 - GUJARAT HIGH COURT] rule that the Applicant was entitled to the benefit provided by section 54, on account of his investment in a residential house in London, out of the capital gains arisen in India.

Valuation/computation of the cost of acquisition in the hands of the Applicant - determining the method for computing Long term capital gains - property was held by the applicant’s father - Held that:- The period of holding will be determined from the period from which property was held by the applicant’s father. Further the applicant will be allowed the benefit of indexation to the fair market value of the asset on 01.04.1981 and the cost of improvement incurred by the applicant. However, the Assessing Officer would verify the correctness of the valuation furnished by the Applicant with his application, as also all material figures required for computing the taxable capital gains in the hands of the Applicant.


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