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Sale of residential house property

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(Querist)
10 June 2013 hi,

if a residential house property is sold, apart from the provisions of sec54, can the proceeds be utilized for payment of bank loan for another house ??

kindly reply...
urgent...
thanks in adance..
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 June 2013 Only Sec.54 apply. amount paid for repayment of another housing loan not eligible for exemption
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Sreelakshmi

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Sreelakshmi (Querist)
19 June 2013 k thank u sir..
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