31 October 2012
Hi Please clarify my doubt. I sold a flat and built a house. I took Hsg loan and loan from father while constructing the new house as sale proceed from flat took time to flow. If i repaid my father and Hsg loan lumpsum could it be treated as invetsment in new house. All other provision of Sec 54 fulfilled. Sale of old flat regd before new house got completed. Kindly help!
As per S/54 If an assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house then he can claim exemption.
Rgds//Vaibhav Click thank button to convey your appreciation.
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