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2022 (8) TMI 485 - AT - Income TaxExemption u/s 54F - Scope of amendment been brought in Section 54F vide Finance Act, 2014 - Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house - whether the assessee is eligible for exemption u/s 54F in case of investment of capital gains through purchase of residential property outside India or not? - HELD THAT:- We have gone through the amendment brought out by the legislature wherein it was mentioned that with effect from 01.04.2015 for claiming benefit of exemption from payment of capital gain accruing on account of sale of property, the assessee must invest in a residential house in India. Thus, this amendment provides that prior to 01.04.2015 the investment made by assessee in residential property outside India were eligible for exemption under section 54/54F. Substituted for constructed, a residential house by Finance (No. 2) Act, 2014 w.e.f. 01.04.2015 Since, the amendment is not said to be retrospective in nature, as the amendment was brought by Finance Act, 2014 and made applicable in relation to Assessment Year 2015-16 and subsequent Assessment Years and since all the conditions laid down u/s 54F are satisfied by the assessee to avail the exemption, we hereby allow the claim of the assessee for exemption u/s 54F. Appeal of assessee allowed.
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