capital gains

This query is : Resolved 

17 May 2010 Sir,I want to know that whether the exemption under section 54 is availed if I had purchased the residential house within prescribed time limit but on loan and not using the capital gain on sale of my previous house?

17 May 2010 purchase/construction of new house need to be from the proceeds of sale....but no compulsory nexus or live link between Sale proceeds and cost of new asset

18 May 2010 Agree.You can still claim Deduction u/s 54.


18 May 2010 Reinvestment can be from borrowed funds to claim deduction under section 54.
Citation:- ACIT Vs Dr. P.S.Pasricha (2008) 20 SOT 468 (Mum-Tri).

24 May 2010 You can still claim Deduction u/s 54



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