catchwords: profit on sale of propety
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When Transfer Is Complete U/s. 2(47)?
In this case transfer is not complete, because of property has not been given and therefore there is no question of investing in another house to claim exemption under section 54.
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Whether Residial House Purchased Outside India Is Entitled For Benefit Of S. 54?
According to me, the benefit under section 54 of the Act cannot be denied on acquisition of property in USA. This view is supported by the Mumbai Tribunal in the case of Mrs. Prema P. Shah vs. ITO [100 ITD 60], wherein the Tribunal has held as under: