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TMI BlogCapital GainX X X X Extracts X X X X X X X X Extracts X X X X ..... Capital Gain X X X X Extracts X X X X X X X X Extracts X X X X ..... eign company. He wishes to sell the such shares and re-invest the sale proceeds in a residential property (his first property) in India and claim exemption u/s 54F. My opinion is, it is possible. Can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... experts' comment on my view. Reply By PRIYACHARAN SR: The Reply: "My Opinion" In your context, to determine the eligibility, we need to verify the definition of long term capital asset a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per Section 54 F "Capital gain on transfer of certain. capital assets not to be charged in case of investment in residential house". Section 54F defines long term capital asset as "W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here, in the case of an assessee being an individual, the capital gain arises from the transfer of any long-term capital asset, not being a residential house". Since the bare act uses the phrase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any long -term asset, not being a residential house, Shares held in foreign company is an eligible long term capital asset to claim deduction u/s 54F (assuming the holding period criteria is satisfied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in your scenario).
Hence you may invest the sale proceeds in residential house property and shield your capital gain arising under section 54F. X X X X Extracts X X X X X X X X Extracts X X X X
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