CAPITAL GAINS TAX EXEMPTION U/S 54

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  1. R V S MANI

    R V S MANI New Member

    If capital gains obtained on sale of a residential property is reinvested into purchase of a new property offered on perpetual lease (residential) with transferable rights on payment of full value of property, with no nominal or notional rent payment involved - the new document to be registered is a Lease Agreement for perpetual lease - will there be CG tax exemption?
    There seems to be multiple views prevailing. In this case, the property is one of the many residential units inside a gated community (SEZ) and some owners have got CG tax exemption while some have received IT notices denying exemption because it is not 'freehold'.
     
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