Capital gains
This query is : Resolved
13 December 2011
Repayment of Housing Loan whether allowed as application of net sale consideration for the purpose of section 54 F
Reply ASAP
Reply ASAP
13 December 2011
Exemption under Section 54F is available if the assessee has purchased or constructed a residential house property.
Payment of housing loan cannot be said to be invested in residential house property
Payment of housing loan cannot be said to be invested in residential house property
13 December 2011
Sir can you give me any case law on this issue
13 December 2011
The only condition is that the assessee should purchase/build new house. it is nowhere mentioned that the same funds should be use.
Hence in my opinion assessee can take loan purchase a house and claim the benefit of sec 54F.
supporting case laws-
ishar singh chawala v. cit mum
muneer khan v. ito hyd.
Hence in my opinion assessee can take loan purchase a house and claim the benefit of sec 54F.
supporting case laws-
ishar singh chawala v. cit mum
muneer khan v. ito hyd.
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