Capital gain exemption u/s 54f
This query is : Resolved
swati agrawal
(Querist)
25 April 2012
sir,
Whether exemption u/s 54F is available on House purchased with borrowed funds?
Whether exemption u/s 54F is available on House purchased with borrowed funds?
CA PARAS BAFNA
(Expert)
25 April 2012
In case the sales consideration received from sale of a capital asset, other than HP, falls short for acquiring a new house property, funds may be borrowed, in such situation. Exemption can be claimed.
.
However, where the amount received from the capital asset is utilised for other purposes, and funds are borrowed for acquiring the Residential Property, AO may disallow the exemption.
.
.
However, where the amount received from the capital asset is utilised for other purposes, and funds are borrowed for acquiring the Residential Property, AO may disallow the exemption.
.
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