Tax alert: Exemption for investment in residential house disallowed, as existing investment was in property outside India has been saved
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Tax alert: Exemption for investment in residential house disallowed, as existing investment was in property outside India
25 October 2023
The Visakhapatnam Bench of the Income-tax Appellate Tribunal (ITAT) has held that since the taxpayer owned more than one residential house (which included a residential property outside India i.e. USA) at the time of transfer of original asset, the taxpayer was not entitled to claim the benefit of deduction under section 54F of the Income-tax Act, 1961 (ITA).
