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exemption u/s 54

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10 February 2011 I bought one house by taking housing loan form bank and after six months i sell my old house now can i get the exemption u/s 54 for capital gains, even if i did not utilised the proceeds of capital gains to purchase new house.

will the position be same if i utilise the amount of capital gains proceeds to repay the housing loan?

10 February 2011 Yes it is allowable.
Visit this link
http://itatonline.org/archives/index.php/cit-vs-dr-p-s-pasricha-bombay-high-court



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