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
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).
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