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54F

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(Querist)
24 April 2011 Has any nexuses between sale consideration money and payment made for Investment made to buy new residence property'

can we avail benefit u/s. 54f to buy residence property from Bank finance.

Thanks in advance
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 April 2011 1) Borrowed money can't be used for reinvestment under section 54F.
Citation :- Milan Sharad Puparel Vs. ACIT (2009) 20 DTR 289(Mum-Tri).

2)Borrowed money CAN be used for investing in new asset.
Citation :- CIT Vs. Dr. P.S.Pasricha 20 SOT 468(Mum).
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