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Capital gain
is it necessary to use full sale consideration for purchase oF new asset for capital gain exemption u/s 54???
for example
sale consideration 29 lakh
cost of sale asset 24 lakh
then capital gain 5 lakh
for taking exemption we use 10 lakh for purchase new asset
but new asset value is 25 lakh then can we take 15 lakh as house loan???
Replies (1)
Hi Nikita
To claim exemption, we shall invest only capital gain amount.
if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45
Yes, you can use avail loan for 10 lac.
Thanks
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