https://www.taxtmi.com/caselaws?id=354211 The applicant, a non-resident Indian, was held eligible for deduction under Section 54 of the Income Tax Act for reinvesting capital gains from a property sale in New Delhi into a residential property in London. The Authority determined that the requirement to invest in a residential house "in India" was introduced through an amendment effective from 01.04.2015 and did not apply to the assessment year in question (AY 2012-13). The Authority relied on a judicial precedent from the Gujarat High Court to support the applicant's interpretation. The Authority also provided guidance on the computation of long-term capital gains, including indexation benefits and verification of valuation figures by the Assessing Officer. en-us Fri, 22 Dec 2017 00:00:00 +0530 Sat, 24 Feb 2018 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354211 The applicant, a non-resident Indian, was held eligible for deduction under Section 54 of the Income Tax Act for reinvesting capital gains from a property sale in New Delhi into a residential property in London. The Authority determined that the requirement to invest in a residential house "in India" was introduced through an amendment effective from 01.04.2015 and did not apply to the assessment year in question (AY 2012-13). The Authority relied on a judicial precedent from the Gujarat High Court to support the applicant's interpretation. The Authority also provided guidance on the computation of long-term capital gains, including indexation benefits and verification of valuation figures by the Assessing Officer. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354211