12 October 2012
wanted to know can exemption be claimed u/s 54 on sale of a house and when a new house has been constructed in the following ways- (i.e sale procceds invested in newly constructed house)
i) repayment of lumpsum of housing loan taken for contruction of new house out of sale proceeds of old house? ii) repayment of loan taken from relatives during contruction of new house out of sale proceeds of sale of old house?
Sale of old house took place couple of months before the end of construction of new house.
CAclubindia
