54f exemption

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This query is : Resolved

Hariprasad (Querist)

04 August 2016 Whether I can claim the Exemption u/s 54F for using the Sale consideration of Flats sold in another House Property for the Purpose of Construction of Fixed Furniture in the Newly Purchased House. These House was Purchase through bank Loan for which Repayment was made From NRI a/c.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)

04 August 2016 Furniture does not form of purchase or construction of a residential house. However, interior may form part of it. When did you purchase that new house? If the same is purchased within a period of one year before sale of the capital asset, you may claim the margin money (i.e. total consideration less loan) as deduction u/s 54.

Hariprasad

Hariprasad (Querist)

05 August 2016 In our Case Loan Amount is more than Sale Consideration

Hariprasad

Hariprasad (Querist)

08 August 2016 In this case We has owning More than 2 house property at the time of Sale of Flats and also at the Time Purchase of New Flats through Bank loan. Rs. 20 Lakh was Invested for Interior out of the Sale proceeds of Flats Transferred . These Transaction was took place within one year of sale

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