https://www.taxtmi.com/caselaws?id=367137 The appeal contested the disallowance of the claim of exemption under Section 54 of the Income Tax Act for capital gains invested in a house property in Hong Kong. The Hon'ble Gujarat High Court reversed the decision of the assessing officer and directed the deduction under Section 54 to be allowed to the extent of the investment made in the residential property in Hong Kong. This decision clarified that prior to the amendment, there was no restriction on investing outside India to claim the deduction, resulting in relief for the assessee. en-us Wed, 12 Sep 2018 00:00:00 +0530 Sat, 15 Sep 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367137 The appeal contested the disallowance of the claim of exemption under Section 54 of the Income Tax Act for capital gains invested in a house property in Hong Kong. The Hon'ble Gujarat High Court reversed the decision of the assessing officer and directed the deduction under Section 54 to be allowed to the extent of the investment made in the residential property in Hong Kong. This decision clarified that prior to the amendment, there was no restriction on investing outside India to claim the deduction, resulting in relief for the assessee. Case-Laws Income Tax Wed, 12 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367137